Private Equity Firm Antin Jumps in Debut After $646 Million IPO
Private equity firm Antin Infrastructure Partners SA soared in its first day of trading after the company and its founders raised 550 million euros ($646 million) in an initial public offering.
The stock gained as much as 33% and traded at 29.88 euros as of 9:07 a.m. in Paris. The deal priced at 24 euros, the top end of an initial range at which the shares were marketed, and values the company at about 4.1 billion euros.
Antin, which manages about $23 billion in assets, invests in infrastructure in Europe and North America and buys stakes in projects like fiber-optic networks and water utilities. The company raised 350 million euros by selling new shares, while the remaining proceeds will go to existing shareholders.
The IPO comes after buyout firm Bridgepoint Group Plc went public in the U.K. in July. Goldman Sachs Group Inc.’s Petershill unit, which specializes in buying stakes in alternative asset managers, is also listing a new investment vehicle in London.
The private-equity industry is going through a dealmaking boom after building up a war chest from investors hungry for yield. Swedish buyout group EQT AB shares have risen nearly sixfold since its 2019 IPO, and Bridgepoint is trading about 55% above the listing price.
JPMorgan Chase & Co. and Morgan Stanley acted as joint global coordinators, while BNP Paribas SA, BofA Securities and Citigroup Inc. were joint bookrunners for the offering.
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