Global private equity and venture capital news and research

Oaktree floats first shares for $380m, 25 per cent less than hoped

12 Apr 2012

The world’s largest distressed debt investor Oaktree Capital Management has raised more than $380m in its IPO, about one quarter less than it was seeking.

The LA-based firm sold about nine million shares for $43 each, down on the 11.3 million it planned to sell according to a regulatory filing.

That share price was at the bottom end of the $43 to $46 range Oaktree was hoping for in the sale, which comes just weeks ahead of private equity giant Carlyle’s expected flotation.

Oaktree has about $82bn of assets under management compared to Carlyle’s $147bn, with the IPO valuing the firm at about $6.5bn.

Carlyle is looking to raise between $750m and $800m in its IPO, which would value the company at between $7.5bn and $8bn.

The flotation means Oaktree has joined Blackstone, KKR, Fortress and Apollo as a listed company, despite the other firms performing less than impressively in terms of stock value.

Blackstone is currently trading at about half its value since it floated in 2007, while Apollo is down about 25 per cent on its initial list price.

Oaktree teamed up with Blackstone last month to invest in embattled German plastic films company Kloeckner Pentaplast.

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