Oaktree Shares Have Rough Debut

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Shares of Oaktree Capital Group LLC fell on their first day of trading Thursday after the company’s initial public offering raised less than expected.

The downtown L.A. investment firm, whose founders include Howard Marks and Bruce Karsh, raised $380 million in its Wednesday IPO, about 27 percent less than originally sought.

Shares of the company, considered the world’s largest investor in distressed debt, then fell 1.4 percent to close at $42.39 Thursday on the New York Stock Exchange.

Oaktree sold 8.84 million shares for $43 each, which was at the low end of the proposed range. The company and some of its early shareholders had hoped to sell a total 11.3 million shares for as much as $46 a share. Underwriters have an option to purchase as many as 1.33 million additional shares in the next 30 days.

The end of today’s trading values the company at about $6.4 billion.

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