Anthony Hughes is senior reporter, equities, for IFR where he covers developments in US equity capital markets. He previously worked as a financial reporter and columnist for the Australian Financial Review and, prior to that, as investment editor at the Sydney Morning Herald.
Last week’s pricing outcomes offered further proof that the IPO discount has widened recently. As one US ECM banker put it, investors are currently “penal” in their attitude towards most IPOs right now.
Two of the biggest sponsor-backed IPOs in the US ECM calendar, First Data and Albertsons, opted to press ahead with their IPOs late la
Electronic payments processing provider First Data expects to price its long-awaited US$3.2bn on October 14, marking a new phase for the company eight years after private equity firm KKR’s ill-timed US$29.8bn leveraged buyout.