why is first data so important why is
this company worth so much it's
important for a few reasons this is
KKR's biggest equity bet ever this
company was taken private back in 2007
as you said in that era of big lbos and
they struggled through the recession
they replaced the CEO several times
finally brought in this guy called mixer
mr. Fixit on Wall Street fate Frank
physic nano and he has been in control
since 2013 now KKR is looking to make
some money back on their investment they
put in 3.9 billion dollars in equity
right now as of the price range that
came out this morning at the high end of
the range their stake is looking to be
about 5.3 billion so on the surface it
looks like they're winning here on this
one but that's kind of the the stage
here for how big of a bet this is for
KKR and how much is riding on this IPO
pricing and treating well going forward
it's interesting you know as we've seen
all this market volatility companies are
still going public this year jay curious
what other companies out there are at
this level that have been going public
this year I there are a number of big
deals in the pipeline with some
well-known brand names Ferrari
albertsons at Neiman Marcus as well as
companies without real popular brand
names such as pure storage but we're
seeing a slowdown in biotech activity
with the decrease in biotech prices and
energy offerings have largely dried up
so Alex I know you've been crunching the
numbers flesh that out for me in terms
of the biggest IPO so far this year when
it comes to you know general and tech
focused so the biggest is looking to be
first data if they price at the high end
of this range at 3.2 billion dollars for
the offering that will top the charts in
what's been a slower year for IPOs close
behind is digicel which has set terms
that's a Caribbean telco company that's
majority owned by the
Ian Ayre Dennis O'Bryan he's an Irish
billionaire that offering size is
looking to be about 2 billion there are
some other companies in the mixed tall
grass energy univar Blue Buffalo and
Fitbit that kind of are behind those two
names but as you can tell not as big of
a year as last year we did have Alibaba
in the third quarter of last year and
that 25 billion dollar offering really
tipped the charts to make it a hard comp
for 2015 now Jay you mentioned pure
storage they're looking at an IPO next
week 450 million dollars talk to us
about what's coming up for the rest of
the year we were talking about square
earlier in the show it all depends upon
what happens with the stock market I'd
as many people have noted a lot of tech
companies have been finding it very easy
to get a lot of private financing not
only from venture capitalists but also
from mutual funds that are willing to
invest in private companies so I think
they're going to be very sensitive to
public market valuations if the stock
market goes up then they'll tap the
public equity markets and if not a lot
of them will bide their time