IPO

Rubenstein won’t easily snatch Schwarzman’s crown

7 Sep 2011

The Carlyle and Blackstone private equity powerhouses both manage about $150 bln of assets. But Carlyle has less steady fee income. If investors looking at Carlyle’s new IPO filing value the firm the same way as Blackstone, it would be worth only about $7.5 bln, or half as much.

Abu Dhabi’s Mubadala humbled in Carlyle IPO

7 Sep 2011

The Abu Dhabi fund may have lost up to half the value of its $1.85 bln signature investment in the U.S. private equity firm. Mubadala looks to have clawed back some of its losses on its original 2007 punt in 2010, but it’s unlikely to be enough to spare the emirate’s blushes.

Man U’s mooted IPO valuation in league of its own

24 Aug 2011

The Glazers bought the soccer club for a hefty 16 times EBITDA in 2005. Now a $1 bln Asian IPO could raise the bar again. Man Utd boasts global cachet and wage discipline by soccer’s crazy standards. But it looks like buyers will have to be fans first and investors second.

Groupon IPO can now be judged with half the grief

9 Aug 2011

The daily-deal website is abandoning its nonsensical profit measure, ACSOI, which excludes marketing costs. Chalk one up for the SEC, which was scrutinizing the practice. Regulators can’t prevent all bubbles from inflating, but stopping firms from duping investors pricks one.