Saturday, November 28, 2015

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)

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

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

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