Hertz IPO is a bust

The Hertz Global (HTZ) IPO went off yesterday at $15 per share, lower than the anticipated $16-$18 per share planned price. People are having a harder time justifying the nose-bleed valuations for these Private Equity offerings. The stock closed yesterday at around $15.72. I anticipate that Hertz will move lower than the IPO price over the next couple of months.