Summary
FIRST dealings in the controversial flotation of investment bank Lazard got off to a dull start in New York today with early trades at just $25 - the level at which the flotation was priced late last night.
The debut suggested the initial public offering had generated far less enthusiasm than its sponsors had hoped. Some 15 million shares changed hands in the first hour of trading on Wall Street.See the full content of this document
Extract
Low Price in Lazard's 'Complicated' Offering
The issue raised $854.6 million (Pounds 449.4 million) by selling 34.2 million shares in a deal that values...
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