Vanguard sold 25 million shares at $18 each on its first day of trading, down from the anticipated $21-$23 per share. According to Vanguard, the offer price was cut to attract more buyers amid declines in Standard & Poor’s 500 Index this month.
Following the IPO, Vanguard’s current investors — which include the Blackstone Group with a two-thirds ownership interest — will still hold a majority of the voting rights in the company, according to the report.
Read the Bloomberg report on Vanguard Health Systems.
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