Golub Capital today withdrew registration for its $150 million IPO, but don’t expect the New York-based lender to stay private forever. Vice chairman David Golub tells peHUB that the firm plans to eventually re-file.
“We were advised to wait, given the current market conditions for financial services companies, and the restrictions we need to operate under while in registration,” Golub explains. “But this is just a change in timing, not in business plan.”
Golub Capital had originally filed for the IPO back in May, and said that the publicly-traded entity would serve as a holding company for Golub’s funds. That would have included the $1 billion Fund V closed earlier this year, which maintains the firm’s focus on providing debt financing for lower middle-market private equity transactions. It also would have included an unannounced $400 million fund that the firm recently raised for broadly-syndicated loans – which is aimed at taking advantage of the recent credit crunch.
Wachovia Securities had been listed as the IPO’s sole underwriter.