Jones Lang LaSalle

Cowen Group plans IPO to raise $100 million
by Catherine Tymkiw

Cowen Group Inc., a Manhattan investment bank, filed to raise up to $100 million through an initial public offering.

The firm, which was acquired by Société Générale in 1998, said becoming a public company "will allow us to focus on the growth of our own platform," according to a Securities and Exchange Commission filing.

Cowen, founded in 1918, provides research, sales and trading and investment banking services to firms investing in healthcare, technology, media, telecommunications and consumer industries. The net proceeds from the IPO will go to the firm’s selling stockholder, SG Americas Securities Holdings Inc.

Cowen had a profit of $11.9 million on revenue of $297 million in 2005, compared with net income of $52 million on revenue of $295 million in 2004. Last year’s bottom line was impacted by higher non-compensation expenses, which rose 68%.

The company, which plans to trade on the Nasdaq under the ticker symbol "COWN," didn’t disclose the number of shares or estimated price range of the offering.

Cowen & Co, Credit Suisse, Merrill Lynch & Co., Keefe, Bruyette & Woods and Sandler O’Neill + Partners are the joint book runners for the IPO.