MF Global, the brokerage unit of hedge fund manager Man Financial, could eclipse The Blackstone Group this week as the richest initial public offering of 2007, MarketWatch reports.
With 97.38 million shares in the IPO, MF Global will raise nearly $3.7 billion at the midpoint of its estimated price range of $36-$39 a share. The IPO will trade on the New York Stock Exchange under the symbol MF, with an expected debut on Friday.
By contrast, private equity firm The Blackstone Group raised $4.13 billion in its stock market debut on June 25. It was the richest IPO in five years in the U.S. and within the top ten of all time.
As of July 1, U.S. IPOs have raised $24.1 billion via 101 deals, up 11 percent from the year-ago period, when 91 IPOs raised $18.8 billion, according to Hoover’s.
Accelerating its growth in recent years, Man Group has completed 17 acquisitions since 1989.
For the year ended March 31, MF Global reported net income of $188 million on revenue of $5.7 billion, up from $59.8 million in net income on revenue of $2.6 billion in the year-ago period.