Fortress Investment Group increased the size of its follow-on stock offering to $200 million from $125 million in response to demand for shares of the money management firm.
The Thursday offering of 40,000 Class A shares was priced at $5. Shares were trading at $4.80 earlier today, up around 380% from January but down 84.45% since their February 2007 issuance.
The firm’s principals took 10% of the new offering while lead underwriter Nomura Securities International took 13.5%.
Fortress currently manages $26.5 billion and, in May, reported redemptions of $2.65 billion. The firm recently purchased the right to manage $2 billion in assets formerly run by DB Zwirn &