Tuesday, September 16, 2014
Inquirer Daily News

IPOs: Burlington zooms; Essent almost ready

Essent Global also prepares for market

IPOs: Burlington zooms; Essent almost ready

Burlington Coat Factory store on East Market Street, Philadelphia. June 2013 (Reid Kanaley / Staff)
Burlington Coat Factory store on East Market Street, Philadelphia. June 2013 (Reid Kanaley / Staff)

UPDATE: Shares of Burlington Stores (BURL) zoomed as much as 50% in its first day of trading on the New York Stock Exchange, as underwriters led by JPMorgan and including most of Wall Street's major firms, as well as Bain & Capital, the company's owner, pocketed fat profits from the sale of underpriced stock in the Burlington Coat Factory operator.

EARLIER: Two local IPOs in the works:

BURL: Burlington Stores, the Burlington Township company that runs the Burlington Coat Factory clothing stores, says it expects to raise $226 milllion by selling 13.33 million shares in an initial public stock offering at $17 a share this week. An additional 2 million shares may be sold by underwriters over the next month. Sellers include buyout investor Bain Capital. Brokers, led by JPMorgan, include the major Wall Street firms, among others. The company employs more than 26,000 nationwide. Burlington statement here.

ESNT: Essent Group Ltd., the Bermuda-based holding company for Radian Guaranty veteran Mark Casale's three-year-old, Radnor-based mortgage insurer, Essent Guaranty, is also close to an as-yet unpriced IPO, led by Goldman Sachs, an Essent investor. Essent employs more than 250. Essent statement here

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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