Shares in Goldman Sachs’ private equity unit Petershill Partners closed flat on Tuesday after the company raised £1.16 billion (about $1.6 billion) in its London IPO at a valuation of £4 billion.
The firm sold 332.6 million new and existing shares after pricing its offering at 350 pence per share, the midpoint of its indicated range. Having briefly sunk below the offer price in afternoon trading, the stock ended the day at 350 pence.
Petershill, which is operated by Goldman Sachs Asset Management, was founded in 2007 and manages a portfolio of minority investments in 19 private equity and hedge fund managers. Among them are Accel-KKR, Francisco Partners, Riverstone Holdings and LMR Partners. The firm has aggregate assets under management worth $187 billion.
The stock’s lackluster debut comes less than a week after Antin Infrastructure Partners went public at a €4.1 billion (about $4.8 billion) valuation. The French asset manager, which started trading in Paris on Friday, priced at the top of its range at €24 and is now trading at around €26.
Petershill is the second PE business to list in London this year after Bridgepoint Advisers went public in July, jumping by as much as 30% on its first day of trading and, despite a loss of in value over the past week, is still trading above its debut price.
Featured image by Scott Barbour/Getty Images
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