IPO FAIL: Oaktree Capital Shares Fall On An Up Day For Markets


Photo: www.andrewburtonphoto.com

Shares in Oaktree Capital fell more than four per cent following the company’s IPO this morning, even as the broader market rallied.The firm, which said it raised $380.2 million last night, sold 8.84 million shares at $43 apiece.

Appetite for the listing came in at the low end of expectations, with the company originally hoping to raise as much as $520 million.

Shares in Oaktree are currently 4.3 per cent lower, erasing nearly $300 million in market cap. The firm currently holds a $6.2 billion valuation, with shares trading at $41.12.

Goldman Sachs and Morgan Stanley led the offering, while Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, and J.P. Morgan acted as joint bookrunners.

Oaktree Capital is the largest distressed-debt investor in the country. The firm currently has $74.9 billion in assets under management and employs 650 people. 


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