Pzena stock shines in first-day trading
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Shares of Pzena Investment Management, which manages assets of $30.6 billion for clients including John Hancock mutual funds, rose 12% in the stock’s first day of trading.
The stock closed Thursday at $20.09, up $2.09, after climbing to $22.25 earlier in the day. Pzena raised $109.8 million by selling 6.1 million Class A shares at $18 apiece late Wednesday. Insiders retain a controlling stake through Class B stock.
The 12-year-old company is named after Richard Pzena, 48, its chairman, chief executive and co-chief investment officer. He is a former director of U.S. equity investments for Sanford C. Bernstein & Co.
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