TPG on Wednesday sold a stake in Kraton Performance Polymers in an IPO for less than it paid to buy the chemical maker, as investors extracted the third price cut from a private equity-led IPO in two days, reports Bloomberg. Kraton raised $139m at $13.50 a share after buyers rejected an offer of much as $18 each. The IPO price was a penny lower than what TPG and JPMorgan’s buyout arm spent on average for Kraton. A day earlier, Carlyle Group and Goldman Sachs accepted 21% less than sought for oil explorer Cobalt, while investors gained concessions from Blackstone for its IPO of Team Health Holdings.

This entry was posted by Gwen Robinson on Thursday, December 17th, 2009 at 5:40 and is featured in The 6am Cut London (17 Dec 2009) . Tagged with Kraton, tpg. Edit this entry.