Refco last week filed an IPO registration statement with Securities and Exchange Commission, revealing that its listing could raise up to $575m. IPO watchers said the firm could be preparing to list as early as May or June.
Tom Taulli, co-founder of CurrentOfferings.com, an IPO analysis firm based in Newport Beach, California, told FO Week that companies try to avoid IPOs during the slow summer months. "They're probably trying to get this expedited because they want to avoid launching in the summer doldrums, typically July and August," Taulli said. "I suspect they'll try to get this deal done before then."
Refco, which sold a 57% stake for $507m to Thomas H Lee Partners last year (see FO Week Vol 9 No 23), said in filings that it intends to use the IPO cash to redeem $210m in senior subordinated notes as...