Shares of Orbitz fall 3% in debut
Shares of Orbitz Worldwide Inc., the online travel agency controlled by buyout firm Blackstone Group, fell more than 3% on Friday in their trading debut.
The stock lost 50 cents to $14.50. The firm sold 34 million shares Thursday for $15 each, below the range it had planned.
Blackstone has been the website’s owner for 11 months through its Travelport Ltd. unit, which still owns 60% of Orbitz’s stock. Some investors may have shied away from the stock on concern that Blackstone was taking Orbitz public too soon after buying it, analysts said.