Harrah’s Cancels Public Offering

The public offering withdrawn by Harrah’s last week failed because of under pricing of value by potential investors

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Bloomberg.com has reported that Harrah’s private equity firms, Apollo Global Management and TPG Capital, had been told by their IPO advisers that potential investors valued Harrah’s at $10 a share, or some $3.37 billion, while Apollo and TPG valued it between $3.8 billion and $4.36 billion.

Given those numbers, Harrah’s cancelled its IPO, becoming the 121st company this year that planned to raise $46 billion but withdrew the offers.

(Harness Tracks of America)