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The Performance of Private Equity-Backed IPOs

Financial management, 2011-03, Vol.40 (1), p.253-277 [Peer Reviewed Journal]

2011 Financial Management Association International ;COPYRIGHT 2011 Financial Management Association ;Copyright Blackwell Publishing Ltd. Spring 2011 ;ISSN: 0046-3892 ;EISSN: 1755-053X ;DOI: 10.1111/j.1755-053X.2010.01141.x

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Title:
The Performance of Private Equity-Backed IPOs
Author: Levis, Mario
Subjects: Business performance management ; Business structures ; Buyouts ; Comparative analysis ; Debt ; Financial leverage ; Financial management ; Financial performance ; Financial portfolios ; Financial theory ; Going public (Securities) ; Initial public offering ; Initial public offerings ; Investment analysis ; Investors ; Leveraged buyouts ; Market capitalization ; Private equity ; Profitability ; Rates of return ; Statistical median ; Stock exchange ; Studies ; United Kingdom ; Venture capital ; Western Europe
Is Part Of: Financial management, 2011-03, Vol.40 (1), p.253-277
Description: My paper examines the aftermarket performance of private equity-backed initial public offerings (IPOs) and compares it to the performances of equivalent samples of venture capital-backed and other nonsponsored issues on the London Stock Exchange during the period 1992-2005. The evidence suggests marked differences across the three groups in terms of market size, industry classification, first-day returns, and key operating characteristics at the time of flotation. In fact, private equity-backed IPOs are larger firms in terms of sales and assets, more profitable, and relatively modest first-day returns. In the three years following the public listing, they display better operating and market performance when compared to other IPOs and the market as a whole.
Publisher: Melbourne, Australia: Blackwell Publishing Asia
Language: English
Identifier: ISSN: 0046-3892
EISSN: 1755-053X
DOI: 10.1111/j.1755-053X.2010.01141.x
Source: Alma/SFX Local Collection

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The Performance of Private Equity-Backed IPOs

2011 Financial Management Association International ;COPYRIGHT 2011 Financial Management Association ;Copyright Blackwell Publishing Ltd. Spring 2011 ;ISSN: 0046-3892 ;EISSN: 1755-053X ;DOI: 10.1111/j.1755-053X.2010.01141.x

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