Kinder Morgan’s bumper IPO takes the lead in impressive equity market deals
Goldman Sachs and Barclays Capital’s unique Kinder Morgan IPO wins a Euromoney Deals of the Year 2011 award
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.
Paul Bjorneby, managing director in ECM at Barclays Capital, says:
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