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Private equity groups are increasingly selling shares in portfolio companies at a discount to the price at which they went public, in a sign they do not expect stock market valuations to regain their previous highs soon. So-called follow-on offerings of shares in previously listed companies are a key way for private equity groups to monetise their investments and return cash to investors. Sponsors traditionally sell a fraction of their portfolio company in an initial public offering, then try to sell down the rest of the stake at increasingly high prices over the following years. READ MORE