New York City lender Goldman lines up $5bn Petershill PE asset float in London



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New York City lender Goldman lines up $5bn Petershill PE asset float in London

Goldman Sachs, the New York City-headquartered American multinational investment banking company, had been brewing off an option to a public market floatation of its Petershill Partners unit’s assets in London, banking on a private equity boom with an IPO (Initial Public Offerings) which could value the Goldman Sachs’ entity as many as $5 billion.

On top of that, Petershill, which usually cashes on minority stakes in alternative assets funds including private equities, said in a statement on Monday that the entity would be listed as a standalone company operated by Goldman Sachs Asset Management team.

In tandem, according to the financial terms of a planned London Stock Exchange (LSE) public market floatation of Petershill, Goldman would likely to sell around $750 million worth of new shares alongside existing ones, which in effect would proffer Petershill a free float of a roughly 25 per cent while making it bailable for an inclusion into blue-chip FTSE indices.

Goldman Sachs to float Petershill assets in LSE

Apart from that, although Goldman Sachs had declined to comment over the market valuation that it would likely to seek for Petershill, a press agency report had quoted one of the unnamed sources as saying that the deal could value the entity up to $5 billion.

Concomitantly, adding that a jubilant capital market in LSE would deliver a better fundraising opportunity for Petershill which was initially established as a private equity holding in London, the source was also quoted saying that a public market floatation for Petershill could take place as early as by next month.

According to Refinitiv data, the LSE had witnessed a much stronger-than-anticipated run of IPOs over first half of 2021, while new companies had raised as many as $12.77 billion in Initial Public Offerings thus far this year, the highest since 2014.