KKR in lukewarm IPO
The US listing of global private equity investor, Kohlberg Kravis Roberts (KKR), got off to a lukewarm start with shares losing 2.9% on the first day of trading.
The company's listing yesterday ends KKR's three-year journey to a US listing, after shelving IPO plans in 2007. KKR moved to merge its US unit with its Amsterdam-listed Guernsey fund last year, with the Guernsey fund shareholders now holding about 30% of the merged entity.
The listed company is estimated to have a market capitalisation of $7bn, with founders Henry Kravis and George Roberts holding 13% each. KKR, which depends on private equity investments for 62% of fee-related income, plans to raise another $500m from the public markets, depending on market conditions.
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