Friday, 25 July 2014
Last updated 5 min ago
Sep 6 2011 | 1:01pm ET
The Carlyle Group has formally begun the initial public offering process after more than a year planning the project.
The Washington, D.C.-based private equity giant made its first filing for a public stock offering with the Securities and Exchange Commission today. The firm, which manages $153 billion, said it would seek to raise as much as $100 million.
Carlyle's IPO is likely to come during the first half of next year; given the SEC approval process it began today, it would be all but impossible for the firm to list before December.
As with most initial IPO filings, Carlyle's was short on details, and what details it did offer are likely to change. It did not said how much of the firm would be put on sale or indicate what sort of pricing it would seek, although in recent meetings with investment banks Carlyle has argued that it should be valued at least as much as its publicly-listed competitors, notably the Blackstone Group.
The firm also mulled bringing on a CEO to work alongside its three 60-plus founders, but abandoned that idea.
Carlyle said its economic net income for the first six months of the year was $770.2 million, down from more than $1 billion in the first half of last year. Total revenue for three of its four business units stood at about $1.8 billion.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…