CCMP Capital-backed Francesca's Collections has filed for an IPO of up to $150 million with Goldman Sachs and JP Morgan leading the underwriting. The company intends to list on the NASDAQ under the symbol FRAN and to use the net proceeds to repay an existing senior secured credit facility. Francesca's is a specialty retailer of apparel, jewelry, accessories and gifts. CCMP acquired a controlling stake in the company early last year and currently holds about 84% of its stock.
While the public markets have lately appeared to be a difficult environment for PE investors looking to exit investments, it still continues to be a viable exit method. In fact, 44 PE-backed companies headquartered in the U.S. are currently in IPO registration, according to the PitchBook Platform. B2B Products and Services accounts for more of those companies than any other industry with 30%, followed by B2C Products and Services and Information Technology with 25% and 16%, respectively. The Carlyle Group and The Blackstone Group are likely keeping a close eye on the public markets as each investor has four portfolio companies, including Freescale Semiconductor, in the process of going public, making them the investors with the most portfolio companies in IPO registration. Another PE investor getting cozy with the public markets is TPG Capital, which has three portfolio companies looking to go public.