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Rating:REIT Fund Specialist Eyes IPO Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 30, 2004

REIT Fund Specialist Eyes IPO

News summary by MFWire's editors

New York-based fund company Cohen & Steers has filed a preliminary prospectus for a public offering.

The mutual fund company, owned equally by partners Martin Cohen and Robert H. Steers, did not divulge the future offering price or number of shares for sale. The company also did not say what stake Cohen and Steers would hold in the future public entity.

As of year end 2003, Cohen & Steers managed over $15 billion, brought in revenues of over $70 million, and achieved a net income of approximately $12 million.

Based on those figures and the value of other public fund firms, Cohen & Steers could be worth between $215 million and $360 million.

Comparable fund companies, such as T. Rowe Price, Franklin Resources Inc., Gabelli Asset Management Inc., and Nuveen Investments Inc. were trading in the range of $28 to $55 per share towards day end, with a P/E range of approximately 18 to 30.

The filing noted that the registration fees paid by the fund firm were based on an offering that would raise "as much as $100 million", however, it did not provide an actual number of shares that would be sold nor did it provide an estimated price.

The company said it plans to use the capital raised for brand building through targeted advertising and marketing, offering new products, developing sales and distribution, and acquiring companies and asset management expertise. 

Edited by: Theresa Sim

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