Harrah’s Entertainment Inc.’s failed $531 million initial public offering in this year’s biggest week for U.S. IPOs shows buyout firms will need more than a rising stock market to sell some of their largest investments.
Harrah’s, the world’s biggest casino operator, last week became the first private equity-backed company to pull its U.S. IPO in six months, citing market conditions. Carlyle Group’s Booz Allen Hamilton Holding Corp., TPG Capital’s and Hellman & Friedman LLC’s LPL Investment Holdings Inc., and Aeroflex Holding Corp., owned by Golden Gate Capital, Veritas Capital and a fund run by Goldman Sachs Group Inc., all went public.
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