The weak performance of several recent IPOs is casting a shadow on one of the market’s most fertile sources of dealflow: private equity firms. Private equity sponsors have leapt at the recent opportunity to exit investments via IPOs with robust enthusiasm, with, as Deutsche Bank’s Henrik Johnsson, European head of high-yield capital markets, told this magazine in April “every single private equity asset that has been owned for more than one year looking at an IPO”.
Recent research from EY seems to confirm this: by the end of March private equity backed firms had priced 46 IPOs in 2014 raising $17.4
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