Blackstone takes heart from $600m US flotation

LEVERAGED buyout house Blackstone may have been shaken by its aborted £2.2bn flotation of Travelport last week, but one ray of hope has emerged from the US.

The firm managed to list longstanding portfolio company Graham Packaging on the New York Stock Exchange at a market capitalisation of $600m (£383m) on Thursday.

Although Blackstone did not sell any of its 75 per cent stake, the move raised around $167m in capital.

The plastic container manufacturer priced its shares at $10, at the lower end of the range it had looked at. Graham Packaging traded two per cent above its IPO price on listing and rose 4.5 per cent by the close of trading on Friday.