RailAmerica (RA) Has a Better Second Day With New IPO
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After being 'taken-to-the-shed' yesterday on its IPO debut, the second day as a new-again public company is shaping up much better for RailAmerica, Inc. (NYSE: RA).
After pricing the IPO at $15, RailAmerica fell 8% yesterday. Today shares are moving up 4% to $14.30.
RailAmerica was re-introduced to the public market by private equity firm Fortress Investment (NYSE: FIG), which took the company private in 2007. Fortress sold 11,500,000 shares in the IPO, or about half the share offered, and will continue to own approximately 55.8% of RailAmerica common stock after the offering.
Traders suggested recent news that rival private equity firm Blackstone (NYSE: BX) would take 8 of their portfolio companies public weighed on the RailAmerica IPO. One trader told StreetInsider.com, "These private equity firms top-ticked the market with their own IPOs - now they want to top-tick it again with the portfolio companies."
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