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????私募股權公司凱雷投資集團（The Carlyle Group）周三晚間將IPO發行價定為每股22美元，低于此前計劃的23-25美元區間。 ????這意味著凱雷籌集了約6.71億美元的資金，初始市值近67億美元。 ????5月3日起，凱雷投資集團將在納斯達克市場交易，交易代碼“CG”。摩根大通（J.P. Morgan）、花旗（Citigroup）和瑞士信貸證券（Credit Suisse Securities）是此次IPO的聯席牽頭承銷商。 ????對于凱雷而言，這樣的發行價顯然令人失望，因為凱雷早就覺得自己是在折價發行了。顯而易見，讓公開市場投資者們擔心的是黑石集團（The Blackstone Group）、KKR集團（Kohlberg Kravis Roberts & Co.）等可比公司去年的股價表現，去年這些公司的股價和其他金融股一起走低。 ????另外，也可能是因為凱雷是所有上市的私募股權公司中最專注于私募股權業務（即多元化程度最弱），因而定價受到折價。這家總部位于華盛頓的公司管理的資產中有63%是直接私募股權投資或非直接私募股權投資（后者是通過去年收購的大型私募股權基金的基金及次級股公司AlpInvest進行）。 ????相比之下，黑石集團管理的房地產和對沖基金資產與私募股權投資相當（截至2011年年末數據），KKR正在擴張資本市場業務（目前管理的私募股權投資規模也比凱雷小很多）。另外一家已上市的競爭對手——阿波羅全球管理公司（Apollo Global Management）管理的資產中私募股權僅占47%——而且，實際數額也遠低于凱雷。 ????以下是凱雷剛剛發布的一份新聞稿： ????華盛頓——全球另類資產管理公司凱雷投資集團（The Carlyle Group L.P.）日前宣布，該公司確定IPO價格為每股22美元，共發售3,050萬股普通股。這些股票將于2012年5月3日起在納斯達克全球精選市場（NASDAQ Global Select Market）交易，交易代碼“CG”。凱雷授予承銷商一項30天選擇權，允許他們以IPO價格減承銷折價，購買至多457.5萬股。凱雷計劃將此次募股所得用于償還債務和一般企業用途，包括一般經營需求、業務發展、收購和策略投資、允諾出資、投資自有基金以及協同自有基金共同投資。 ????摩根大通證券（J.P. Morgan Securities LLC）、花旗（Citigroup Global Markets Inc.）和瑞士信貸證券（Credit Suisse Securities (USA) LLC）是此次IPO的聯席簿計行。 ????譯者：早稻米 |
????Private equity firm The Carlyle Group priced its IPO this evening at $22 per unit, which was lower than its proposed $23 to $25 per unit range. ????It means that the firm raised around $671 million, and has an initial market capitalization of nearly $6.7 billion. ????Carlyle will begin trading tomorrow on the NASDAQ under ticker symbol CG, while J.P. Morgan, Citigroup and Credit Suisse Securities served as co-lead underwriters. ????This obviously is a disappointing result for Carlyle, which already felt that it was offering its shares at a discount. Apparently public market buyers were worried about the past year's performance of market comps like The Blackstone Group (BX) and Kohlberg Kravis Roberts & Co. (KKR), which have suffered alongside other financials. ????It's also possible that Carlyle received an extra demerit for being the private equity-ist of all the publicly-traded private equity firms (i.e., the least diverse). Sixty-three percent of the Washington, DC-based firm's assets under management are either in direct private equity investments or in indirect private equity investments (the latter via AlpInvest, a giant private equity fund-of-funds and secondaries firm acquired last year). ????Blackstone Group, on the other hand, the firm has nearly as much real estate and hedge fund assets under management as it does private equity (through year-end 2011), while KKR is building out a capital markets business (and has far less PE under management than does Carlyle). Apollo Global Management (APO), another listed rival, reports just 47% of its assets under management as private equity -- and, again, the actual volume pales in comparison to Carlyle. ????More analysis to come tomorrow. What follows is a press release just issued by the firm: ????Washington, DC – Global alternative asset manager The Carlyle Group L.P. today announced that it has priced the initial public offering of 30.5 million of its common units at $22 per unit. The units are expected to start trading tomorrow, May 3, 2012, on the NASDAQ Global Select Market under the symbol "CG." The Carlyle Group L.P. has granted the underwriters a 30-day option to purchase up to 4.575 million additional common units at the public offering price less underwriting discounts. Carlyle intends to use the net proceeds from the offering to repay indebtedness and for general corporate purposes, including general operational needs, growth initiatives, acquisitions and strategic investments and to fund capital commitments to, and other investments in and alongside of, its funds. ????J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are joint book-running managers for the offering. |
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