Apollo Global to Raise $417 Million In IPO

Published by: Dave Simmons on 21st Mar 2011 | View all blogs by Dave Simmons
Apollo Global to Raise $417 Million In IPO

Apollo Global Management LLC announced on Monday it hopes to raise as much as $417 million in an upcoming initial public offering as it looks to join other private equity firms like Blackstone Group LP and KKR & Co. on the New York Stock Exchange.  The firm will sell 18 million new shares for a price tag between $17 and $19 per share, a spokesman said Monday.  Banks who serve as underwriters for the IPO will be given an option to purchase an additional 3.94 million shares, according to the statement.

Apollo, after three years of selling shares on a private exchange, will now join Blackstone and KKR as a publicly-traded company.  KKR transferred the trading of its shares to the New York exchange last year after combining with its public fund.  Its stock has risen 59 percent since debuting in July, while Blackstone stock has gained 64 percent over the same period.

Apollo also said it would use the proceeds from the IPO for general corporate purposes and to fund future expansion plans.  The firm had planned on making the IPO announcement earlier, but postponed it after the crisis in Japan sparked a mass sell-off in the markets.

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