UK accounts back Osmond IPO

robertvenes — Thu, 04 Feb 2010 13:33:43 +0000

There was a heavy UK bias for Hugh Osmond’s investment vehicle Horizon, which announced IPO proceeds of £417.7m after closing the books late yesterday.

The deal is seen as a good result by the banks, which went out with a £500m target, providing Osmond with a reasonable chunk of equity to ally with debt for a single acquisition. KKR injected approximately £470m of equity combined with £485m of debt to buy Pets at Home last week.

A strong register included a good mix of long and hedge names, as well as blue chip accounts.

There was good early momentum when books opened on the afternoon of Friday January 22, with the equity story focused around Osmond’s past successes as well as the strength of the board, which includes former deputy CEO of Lloyds Michael Fairey and Baroness Kingsmill, a non-exec director of British Airways and former deputy chair of the Monopolies and Mergers Commission.

Credit Suisse was sole bookrunner with Numis as co-lead manager.

Blocks in UK pipeline

robertvenes — Mon, 01 Feb 2010 16:45:49 +0000

Pre-marketing on an IPO for New Look has been delayed as the UK fashion group continues to explore a dual track process. The retail business has been mooted as a potential target for Hugh Osmond’s cash shell Horizon, which was due to finish bookbuilding on its £500m flotation today but will now complete midweek. The roadshow has already wrapped up in Europe and the US and is currently in the UK.

Credit Suisse, Deutsche Bank and JP Morgan Cazenove are joint bookrunners on New Look, alongside co-leads Barclays Capital, Investec, Lloyds (without research), RBS and Singer Capital Markets. Credit Suisse is sole bookrunner and Numis is co-lead manager on Horizon.

ECM Exchange » fund

UK accounts back Osmond IPO

Blocks in UK pipeline