Duff & Phelps Completes IPO and Commences Trading Today on NYSE
Duff & Phelps Commences Trading Today on New York Stock Exchange
NEW YORK, NY – Sep 28, 2007 – Duff & Phelps Corporation (NYSE: DUF), a leading independent financial advisory and investment banking firm, today announced the commencement of trading of its Class A common stock on the New York Stock Exchange under the ticker symbol “DUF”. The company raised approximately $132,800,000 through its initial public offering, which consisted of 8,300,000 shares of Class A common stock priced at $16 per share.
Noah Gottdiener, Chairman and Chief Executive Officer, said, “We are delighted to celebrate this milestone in the continued evolution of Duff & Phelps, as we embark upon the next phase of our development. Our commitment to creating value for our new shareholders is rooted in our corporate mission: protecting, recovering and maximizing value for our clients. Our key strengths – independence in offering unbiased advice on highly technical value assessment issues, a strong brand name and global scale – position us for unique growth opportunities going forward. At the same time, we believe that our broad and well-balanced service offerings, as well as our diversified client base, provide us with stability across economic cycles.”
Gerry Creagh, President, said, “The success of our franchise is due to the quality of our professionals and the strength of our relationships with our global client base. We look forward to deploying the capital we have raised towards building the future of our company. As we move forward to realize our potential, we extend our thanks and appreciation to our employees and clients across the globe, as well as a warm welcome to our new shareholders.”
Recently, Duff & Phelps disclosed the formation of a strategic alliance with Shinsei Bank that the company expects will facilitate the expansion of its business throughout Japan and Asia. As part of this alliance, Shinsei Bank has acquired an approximately 10% minority equity stake in Duff & Phelps.
The listing requirements of the New York Stock Exchange require that Duff & Phelps Corporation disclose that additional information is available upon which the New York Stock Exchange relied to list the company, and is included in Duff & Phelps Corporation’s listing application. Such information is available to the public upon request.
About Duff & Phelps
Duff & Phelps, LLC is a leading provider of independent financial advisory and investment banking services, supporting client needs principally in the areas of valuation, mergers and acquisitions, financial restructurings and disputes. The Company’s services focus on the provision of independent advice on issues involving highly technical and complex assessments of value, and include financial reporting and tax valuation, specialty tax, real estate and fixed asset services, transaction advisory services, restructuring advisory, fairness and solvency opinions, and dispute and legal management consulting. Investment banking services are provided by Duff & Phelps Securities, LLC, an NASD registered broker-dealer. With more than 800 employees serving clients worldwide through offices in 21 cities in the United States, Europe and Asia, Duff & Phelps is committed to delivering insightful advice and service of exceptional quality, integrity and objectivity.
Forward Looking and Cautionary Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward-looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated or projected results referenced in forward-looking statements. In particular, the forward-looking statements of Duff & Phelps Corporation and its subsidiaries are subject to the following risks and uncertainties: changes in political, economic, or industry conditions; the impact of legislative and regulatory actions, including without limitation, actions by the Securities and Exchange Commission; and terrorist activities and international hostilities, which may affect the general economy. We assume no obligation to update or supplement our forward-looking statements.