Carlyle Group Announces IPO
YOUNG MONEY Staff
7 September 2011
The famous private equity firm, second only to longtime rival Blackstone Group, has been largely resistant to the idea of public offerings. The debate began more than four years ago in June 2007 when Blackstone conducted a successful IPO that brought in $4.8 billion.
Blackstone shares have fallen by roughly one-third since that time, but with Blackstone reporting record total assets of $159 billion following 43 percent year-over-year growth, Carlyle saw an IPO as the best means to built the capital necessary to compete.
The timing is unusual, however, as 24 IPOs have already been canceled thus far this year amid rocky financial times, more than any year since 2004 at this point.
"This is probably a mildly bullish signal about next year," Steven Kaplan, professor of finance at the University of Chicago, told Reuters. "They wouldn't be doing this if they thought we were in the fall of 2008."
Bloomberg reports that Carlyle Group has chosen JPMorgan Chase & Co., Citigroup and Credit Suisse to manage the IPO.
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