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Deals of the Year 2011: Kinder Morgan

Kinder Morgan
Size $3.3 billion private equity-backed initial public offering
Date February 2011
Lead managers Goldman Sachs, Barclays Capital
Issue price $30
return to the Global Deals of the Year index

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.

Kinder Morgan went private in 2007 via a management buyout funded by Goldman Sachs, Highstar Capital, Carlyle Group and Riverstone Holdings. Indeed it was Goldman that advised the firm, and, next to Rich Kinder, Goldman Sachs was the largest private-equity backer, and remains an investor.

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