Too much, too soon?

21 December 2009 By Lauren Silva

Recent private equitybacked offerings haven t been greeted with enthusiasm. Now Blackstone is launching a $2 bln IPO of Travelport. Investors are rightly being choosy. That doesn t bode well for private equity returns, because big buyouts need successful IPOs to make money.

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TPGowned Kraton Performance Polymers on Dec. 16 sold shares to the public for $13.50 a share, well below the expected $16 to $18 price range. Its shares closed on Dec. 18 at $13.60.

Houstonbased Cobalt International Energy on Dec. 15 sold 63 million shares for $13.50 each, raising roughly $850 million. It had expected to sell the shares for between $15 and $17 each. The company is controlled by Goldman Sachs and Carlyle Group. Shares closed on Dec. 18 at $13.50.

Blackstoneowned hospital staffing company Team Health Holdings recently issued 13.3 million shares at $12 each against an expected range of $14 to $16.

Travelport, the travel services company owned by Blackstone, is preparing an initial public offering. The company is hoping to raise $2 billion in London, according to someone familiar with the situation. Travelport could file for the offering as early as February.

Context News

TPGowned Kraton Performance Polymers on Dec. 16 sold shares to the public for $13.50 a share, well below the expected $16 to $18 price range. Its shares closed on Dec. 18 at $13.60.

Blackstoneowned hospital staffing company Team Health Holdings recently issued 13.3 million shares at $12 each against an expected range of $14 to $16.

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