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Highlights
- Investment banking giant Goldman Sachs plans to list its asset management arm Petershill Partners on the LSE as PE firms have witnessed a boom.
- The IPO is estimated to have a market valuation of US$ 5 billion.
- Petershill plans to use 25 per cent of new and existing shares to raise US$ 750 million.
Global investment bank Goldman Sachs Group Inc (LON:0R3G) is planning floatation of its asset management unit Petershill Partners on the London Stock Exchange, the company stated today. The IPO is expected to take place in October this year.
Petershill plans to divest 25 per cent in new and existing shares to raise about US$ 750 million, while the rest of the shareholding will be retained by Goldman Sachs.
The move comes as private equity firms have seen a boom this year as more and more investors seek out higher returns amid low interest rates.
Petershill IPO plans
The IPO is expected to take place in the next month and is estimated to be valued at about US$ 5 billion. Moreover, the 25 per cent float is expected to make Petershill eligible to enter one of the FTSE indices on the LSE.
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- Goldman Sachs decided to list in London as Petershill has been founded in the city and also due to potential fundraising opportunities by tapping into the city’s robust capital markets.
Petershill plans to pivot its investment focus in a post-pandemic world by investing in areas such as healthcare, ESG and balance sheet repair.
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Private equity IPO boom
The LSE has a strong showing of IPO listings this year, with up to US$ 12.77 billion raised between January to July 2021, a record high since 2014, according to data from financial markets data firm EODHD/Others.
Private equity (PE) IPOs have also seen a spike this year, with UK based buyout company Bridgeport listing in July followed by French private equity firm Antin Infrastructure Partners’ listing last week.
Bridgeport’s shares have jumped 40 per cent from its listing price since July.
Bottom Line
Given the boom surrounding IPOs and private equity IPO in particular, Petershill IPO stands to benefit by capitalising on the current momentum.
Furthermore, as the world transitions to a post pandemic era, Petershill’s strategic shift in investments can offer a strong investment return to its investors, however, PE investments can carry a higher degree of risk, which investors must keep in mind.
