With share prices plunging, private equity groups are aggressively circling newly public companies as potential buyout targets, several Wall Street executives say
“When you think about the amount of private capital that has been raised that hasn’t been deployed, then look at how public equity valuations have re-rated, it feels like it’s going to be a natural pairing up,” says David Bauer, who runs equity capital markets at KKR & Co. Inc., the investment group known for its private equity business.
“[T]he market awareness of ForgeRock is growing...and I think certainly...the IPO is going to help in that as well,” he told investors last November. “If the stock market has moved down and research analyst price targets have moved down...as a board you have to pay attention to those things,” says Ted Smith, co-founder of Union Square Advisors, a technology-focused boutique investment bank.
Just a week before the ForgeRock announcement, the online marketplace Poshmark sold itself to the South Korean conglomerate Naver Corp. for just US$1.2-billion, a price that was a nearly 60 per cent discount to its IPO price.
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Private equity circles fallen stars of pandemic IPO boomWith share prices plunging, private equity groups are aggressively circling newly public companies as potential buyout targets, several Wall Street executives say
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