Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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US Foods’ US$1.02bn float has highlighted an unlikely revival of US leverage-backed IPOs as financial sponsors take a more conservative approach to leverage and valuation.
Index-inclusion trades can make for sloppy execution. All participants know there is certain to be captive investor demand from index-hugging funds, and it is just as easy for other buyers to get in ahead of them.
CF Corp, the newly-designed special purpose acquisition company, had a strong conclusion to its US$600m IPO, of which there was little doubt as an earlier US$500m private round provided momentum.