Blackstone Group-backed cloud services provider Alight (ALIT) made its stock market debut by merging with veteran investor Bill Foley’s blank check company in July. Given its shares’ double-digit price gains since their debut, will the stock be a valuable addition to one’s portfolio? Read more to find out.Alight, Inc. (ALIT) is a cloud-based integrated digital human capital and business solutions provider. A subsidiary of The Blackstone Group , Inc. (NYSE:), ALIT went public through a SPAC deal with institutional investor Bill Foley-backed blank check company Foley Trasimene Acquisition Corp. on July 6.
The Lincolnshire, Ill.-based publicly traded company had a pro forma enterprise value of $7.30 billion. Since its stock market debut, it has gained 30.9% in price to close yesterday’s trading session at $11.82.
Renowned investor Bill Foley became the Chairman of the newly formed company, resulting in optimistic analyst and retail investor sentiment. Foley stated in a CNBC interview that the “highly scalable company with real revenue and real EBITDA” has tremendous growth potential.
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