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????私募股權(quán)公司凱雷投資集團(tuán)（The Carlyle Group）周三晚間將IPO發(fā)行價(jià)定為每股22美元，低于此前計(jì)劃的23-25美元區(qū)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(tuán)將在納斯達(dá)克市場(chǎng)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(lián)席牽頭承銷商。 ????對(duì)于凱雷而言，這樣的發(fā)行價(jià)顯然令人失望，因?yàn)閯P雷早就覺(jué)得自己是在折價(jià)發(fā)行了。顯而易見(jiàn)，讓公開(kāi)市場(chǎng)投資者們擔(dān)心的是黑石集團(tuán)（The Blackstone Group）、KKR集團(tuán)（Kohlberg Kravis Roberts & Co.）等可比公司去年的股價(jià)表現(xiàn)，去年這些公司的股價(jià)和其他金融股一起走低。 ????另外，也可能是因?yàn)閯P雷是所有上市的私募股權(quán)公司中最專注于私募股權(quán)業(yè)務(wù)（即多元化程度最弱），因而定價(jià)受到折價(jià)。這家總部位于華盛頓的公司管理的資產(chǎn)中有63%是直接私募股權(quán)投資或非直接私募股權(quán)投資（后者是通過(guò)去年收購(gòu)的大型私募股權(quán)基金的基金及次級(jí)股公司AlpInvest進(jìn)行）。 ????相比之下，黑石集團(tuán)管理的房地產(chǎn)和對(duì)沖基金資產(chǎn)與私募股權(quán)投資相當(dāng)（截至2011年年末數(shù)據(jù)），KKR正在擴(kuò)張資本市場(chǎng)業(yè)務(wù)（目前管理的私募股權(quán)投資規(guī)模也比凱雷小很多）。另外一家已上市的競(jìng)爭(zhēng)對(duì)手——阿波羅全球管理公司（Apollo Global Management）管理的資產(chǎn)中私募股權(quán)僅占47%——而且，實(shí)際數(shù)額也遠(yuǎn)低于凱雷。 ????以下是凱雷剛剛發(fā)布的一份新聞稿： ????華盛頓——全球另類資產(chǎn)管理公司凱雷投資集團(tuán)（The Carlyle Group L.P.）日前宣布，該公司確定IPO價(jià)格為每股22美元，共發(fā)售3,050萬(wàn)股普通股。這些股票將于2012年5月3日起在納斯達(dá)克全球精選市場(chǎng)（NASDAQ Global Select Market）交易，交易代碼“CG”。凱雷授予承銷商一項(xiàng)30天選擇權(quán)，允許他們以IPO價(jià)格減承銷折價(jià)，購(gòu)買至多457.5萬(wàn)股。凱雷計(jì)劃將此次募股所得用于償還債務(wù)和一般企業(yè)用途，包括一般經(jīng)營(yíng)需求、業(yè)務(wù)發(fā)展、收購(gòu)和策略投資、允諾出資、投資自有基金以及協(xié)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(lián)席簿計(jì)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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