(Reuters) - Shares of private equity firm Oaktree Capital opened 5 percent below their initial public offering price Thursday during the company's NYSE debut.
Shares of the Los Angeles-based company opened at $41, after pricing Wednesday at the low end of the expected range; the company sold less shares than anticipated.
Oaktree, which had $75 billion of assets under management as of the end of 2011, priced 8.84 million shares at $43, raising $380.3 million. It had intended to sell 11.3 million shares at between $43 and $46 each.
The offering valued Oaktree at around $6.5 billion.
(Reporting By Olivia Oran; Editing by Gerald E. McCormick)
