Avaya, HCR Manorcare and Carlyle Line Up for IPOs

Going public is all the rage for PE-backed companies.

Avaya, which is owned by Silver Lake and TPG Capital, plans to file for a $1 billion IPO as early as this week, according to The Wall Street Journal. Silver Lake and TPG acquired Avaya, which makes phones and other telecom gear, in 2007 for $8.3 billion.

Avaya will be the latest tech company to go public. But don’t expect the rousing success of LinkedIn (it rocketed 109% in its first day) or the hot anticipation of Groupon (the Chicago company could be valued at $25 billion). Instead, Avaya will likely be similar to the tepid offering of Freescale, which rose about two percent its first day.

The Carlyle Group also plans to take HCR ManorCare, a healthcare company, public soon. The offering could raise roughly $500 million, according to my coworkers at Thomson Reuters.

Carlyle bought HCR ManorCare for $4.9 billion in 2007, at the height of the leveraged buyout boom, Reuters said.

There’s also a nice profile of Carlyle in the Washington Post (from Bloomberg), which talks about the firm’s roots. I finally found out where the Carlyle name comes from. The Mellon family, which put up the original $5 million in seed money for the PE firm, met with David Rubenstein’s team at the Carlyle Hotel 20 years ago. The firm kept the name.

Carlyle is expected to file for its long-awaited IPO in third quarter. The company is believed to be worth $10 billion.