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Cowen Sets IPO Size, Range
Monday June 12, 11:36 am ET
Cowen Sets IPO Size, Range; to Raise Up to $235 Million
WASHINGTON (AP) -- Cowen Group Inc., a New York-based investment bank that's a unit of French bank Societe Generale, set the parameters of its initial public offering Monday, saying it would seek to raise as much as $235 million.
Cowen said in a filing with the U.S. Securities and Exchange Commission that it plans to sell 11.2 million shares for $19 to $21 each.
The company has applied to list its stock on the Nasdaq Stock Market under the symbol "COWN." Underwriters haven't yet set a date for the offering.
Cowen's offering will likely be the second in its industry this year. San Francisco investment-banking boutique Thomas Weisel Partners Group Inc. went public in February, gaining 33 percent on its first day of trading. Three other IPOs in the sector are also expected at some time this year: Ryan Beck Holdings Inc. and Evercore Partners Inc. have already filed initial documents with the SEC, while Keefe Bruyette & Woods Inc. has plans for that, too.
Cowen Group originally filed in March for an IPO of up to $100 million in stock.
The IPO proceeds will flow to Societe Generale, which will completely divest itself of Cowen ownership if the IPO and a subsequent over-allotment of shares are fully sold.
Cowen plans to grant four of its top executive officers, together with 81 other senior employees, 2.1 million shares of restricted stock immediately after the offering. The restricted stock, worth $42 million, will represent 14 percent of the company. The company is also giving employees options to purchase 1.1 million shares, or 7.5 percent of its outstanding stock, with a grant value of $8.7 million.
Cowen's total revenue in the first quarter rose 29 percent to $105.6 million, and its net income nearly quadrupled to $36.5 million, compared with the same period in 2005.
Cowen, Credit Suisse Group and Merrill Lynch & Co. are the lead underwriters on the offering.
Cowen Sets IPO Size, Range
Monday June 12, 11:36 am ET
Cowen Sets IPO Size, Range; to Raise Up to $235 Million
WASHINGTON (AP) -- Cowen Group Inc., a New York-based investment bank that's a unit of French bank Societe Generale, set the parameters of its initial public offering Monday, saying it would seek to raise as much as $235 million.
Cowen said in a filing with the U.S. Securities and Exchange Commission that it plans to sell 11.2 million shares for $19 to $21 each.
The company has applied to list its stock on the Nasdaq Stock Market under the symbol "COWN." Underwriters haven't yet set a date for the offering.
Cowen's offering will likely be the second in its industry this year. San Francisco investment-banking boutique Thomas Weisel Partners Group Inc. went public in February, gaining 33 percent on its first day of trading. Three other IPOs in the sector are also expected at some time this year: Ryan Beck Holdings Inc. and Evercore Partners Inc. have already filed initial documents with the SEC, while Keefe Bruyette & Woods Inc. has plans for that, too.
Cowen Group originally filed in March for an IPO of up to $100 million in stock.
The IPO proceeds will flow to Societe Generale, which will completely divest itself of Cowen ownership if the IPO and a subsequent over-allotment of shares are fully sold.
Cowen plans to grant four of its top executive officers, together with 81 other senior employees, 2.1 million shares of restricted stock immediately after the offering. The restricted stock, worth $42 million, will represent 14 percent of the company. The company is also giving employees options to purchase 1.1 million shares, or 7.5 percent of its outstanding stock, with a grant value of $8.7 million.
Cowen's total revenue in the first quarter rose 29 percent to $105.6 million, and its net income nearly quadrupled to $36.5 million, compared with the same period in 2005.
Cowen, Credit Suisse Group and Merrill Lynch & Co. are the lead underwriters on the offering.
posted by Jones Lang LaSalle NJ News Blog at 12:08 PM
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