Deals of the Year 2011: Kinder Morgan

The fate of another benchmark IPO last year could not have been more different: by the end of 2011 Kinder Morgan’s $3.3 billion IPO – which was launched in February – was the only top-10 global IPO that was trading above its issue price. The deal was the largest in the energy sector since 1998 and is one of the top-five private-equity-backed IPOs ever. Its sheer size in one of the most volatile years in the equity markets is impressive – particularly as it was led only by Goldman Sachs as left lead and Barclays Capital. But it is the structure that makes it unique.