March 27 Blackstone Group LP -backed
Pinnacle Foods Inc's initial public offering raised $580 million
after the packaged foods maker priced its offering at $20 per
share, the high end of its expected range, an underwriter said.
The owner of the popular Bird Eye and Duncan Hines brands
had expected to price the offering of 29 million shares at
between $18 and $20 each.
Pinnacle Foods is valued at about $2.3 billion at the IPO
The stock is expected to start trading on the New York Stock
Exchange under the symbol "PF" on Thursday.
Barclays and BofA Merrill Lynch are lead underwriters for
The company, which was acquired by Blackstone in April 2007,
manufactures branded food products in North America and had net
sales of $2.5 billion in fiscal 2012.
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.
Private equity-supported companies such as Bain
Capital-backed Bright Horizons Family Solutions Inc,
Apollo Global Management-supported Norwegian Cruise Line
and Madison Dearborn-backed Boise Cascade have
had an impressive run on the markets after listing earlier this
A host of other private equity-backed companies are also
gearing up for IPOs this year.
Technology products retailer CDW Corp and eye care company
Bausch & Lomb, backed by private equity firms, filed with U.S.
regulators last week to go public.