Deals wrap: AgBank’s IPO causes frenzy

July 16, 2010

It’s hard to find fault with the second-largest IPO in history, but analysts were only lukewarm about this week’s $19.3 billion IPO debut by Agricultural Bank of China.

Despite the tepid debut, AgBank’s IPO is only overshadowed by Industrial and Commercial Bank of China’s (ICBC) world record $21.9 billion public float in 2006. More interesting than the monetary value attached to its IPO was the fact that AgBank was even able to pull it off in the first place, given the global downturn and a very short three-month completion process. In a Reuters special report, one banker involved in the deal said: “It’s the last of its kind.”

Apparently cats aren’t the only species with nine lives – hedge-fund advisers do too. Bloomberg reported that Neuberger Berman Group LLC, which was part of Lehman Brothers Holdings Inc., has “reassembled a team of executives to invest as much as $1 billion in firms that run hedge funds.”

With this week’s announcement that Kleiner Perkins Caufield & Byers partner Joe Lacob led the group that was buying the NBA’s Golden State Warriors for a record $450 million, PE Hub editor Dan Primack wondered whether Lacob would quit his day job as one of Silicon Valley’s most prominent venture capitalists.

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