The poor performance of the Orbitz initial public offering is a blow to Blackstone, which acquired the group in August 2006 as part of its $4.3bn purchase of Travelport from Cendant, the former travel and real estate conglomerate.

The proceeds of nearly $500m from the share sale are earmarked to repay debt at Travelport, which this year added to its debt load when it paid a dividend to Blackstone.

Orbitz shares ended New York trading on Friday at $14.50, down 3.3 per cent from its offer price of $15 each. Travelport had expected to sell Orbitz shares for between $16 and $18 each.

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