Deals
Intertek, Wood Group Start IPOs Even as Buyers Shun New Equity
This article is for subscribers only.
Intertek Testing Services and John Wood Group Plc started selling about $1 billion of stock in U.K. initial public offerings even amid investor concern prices are higher than justified by the prospect for profits.
Intertek, which tests products ranging from toys to crude oil and is owned by Charterhouse Development Capital Ltd., and Wood Group, an energy services company controlled by the founding family and private equity funds, are going public after HMV Group Plc's stock fell in its debut yesterday and Spectel Plc canceled an IPO.