Golub IPO is a no go, for now

Golub Capital last week 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 PE Week that the firm plans to eventually re-file. The company was to trade on the Nasdaq exchange under the ticker symbol “GCAP.”

“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 filed for the IPO in May. At the time, the firm 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.