The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
New Fortress Energy LLC fell 6.6 percent in its trading debut, as the markets gave a cold shoulder to the first operating company to go public after the US government reopened. The energy infrastructure company raised $280 million on Wednesday, selling 20 million shares for $14 each — below the $15 price it had set for them. The shares fell as much as 7.9 percent before closing at $13.07. The New York-based company had initially filed to sell 22.2 million Class A shares at a price range of $17 to $19 each. Setting a fixed price for the shares allowed New Fortress to go ahead with the listing despite the 35-day government shutdown that put on hold reviews by the US Securities and Exchange Commission.