We've noted he market for private equity-backed IPOs has been somewhat inconsistent this year. Market conditions were not necessarily ripe, but private equity firms have a pressing need to exit companies, and many have been forced to test the waters.

The latest example comes from Blackstone Group Permira; Kohlberg, Kravis Roberts; Providence Equity Partners; and Apax Partners, which have decided to press ahead with a long-awaited IPO for TDC this year.

While IPO activity among private equity portfolio companies has risen over last year, third-quarter activity has stalled. Just 28 portfolio companies made it to market, raising $5.7 billion. That's down a third sequentially. Also, about 20 private equity-backed IPOs have been pulled or postponed this year "and almost half of the listings that did go ahead were priced below their target range," the Financial Times notes.

In the aftermarket, there have been a few successes, none more so than software maker Qlik Technologies, which saw its shares more than double since it sent at $10 in July. But there have also been failures, which seem to draw more attention. NXP, the chipmaker, for example, is down about 15 percent since its offering in August.

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