Some are suggesting already that the private equity initial public offerings of today may soon go the way of the financial dodo that were the business development companies of 2004. Last month, Kohlberg Kravis Roberts’ Amsterdam IPO soared with $5 billion, but since Apollo Management took its place on the offering launch pad, it has come up with only $1.5 billion – about a billion short of its maximum target. “We didn’t want to fill investor’s allocations up as much as KKR did, and people were aware of the way its fund has traded down since the issue,” one banker told Financial News, while another said, “We got a wide range of interest in this deal, but the market is difficult at the moment.” The New York Post reports that Apollo sold 75 million units at the bargain price of $20 apiece, though they were trading down 6%. That doesn’t augur well for the next IPO, expected from Texas Pacific Group, which is looking to match KKR’s $5 billion. On the other hand, as Daniel Primack of PE Newswire says, private equity has a much higher profile today than when the BDCs failed, and is likely to attract a lot more investors to the IPOs down the road as market conditions improve.