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Technology products retailer CDW files for IPO
March 22 |
March 22 (Reuters) - Technology products retailer CDW Corp filed with U.S. regulators to raise $500 million in an initial public offering, making it the latest private equity-backed company to file to go public this year.
Large companies that were taken over by private equity firms during the 2005-2007 buyout heyday are starting to tap the public markets as U.S. stock markets rally to record highs.
Warburg Pincus-backed eye care company Bausch & Lomb also filed for an IPO on Friday. That deal could raise as much as $1.5 billion, Reuters had reported.
Other private equity-backed companies like drugmaker testing services provider Quintiles Transnational Corp and industrial distribution company HD Supply are also gearing up for IPOs this year.
CDW was taken private in 2007 for $7.3 billion by Madison Dearborn Partners LLC and Providence Equity Partners. The proposed IPO could raise about $750 million, Reuters reported earlier this month.
J.P. Morgan, Barclays and Goldman Sachs & Co would lead the offering, CDW said in a filing with the U.S. Securities and Exchange Commission. ()
Founded in 1984, CDW is one of the largest computer resellers in the United States, selling products such as notebooks, tablets and printers to businesses and government organizations.
CDW, which sells products from companies including Apple Inc , Hewlett-Packard Co and International Business Machines Corp, online and through its catalog, said it intends to list its common stock under the symbol 'CDW'.
The company did not disclose the number of shares it intended to sell or the exchange on which they would trade.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
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