Leading manager of private equity and credit-oriented capital markets funds Apollo Global Management announced terms for its IPO on Monday. The New York, NY-based company plans to raise $473 million by offering 26.3 million Class A shares (31% insider) at a price range of $17 to $19. At the mid-point of the proposed range, Apollo will command a market value of $6.4 billion.
The company sold 35.6 million Class A shares to investors in 2007 through Goldman Sachs's private marketplace, GSTrUE. These shares (less the shares sold by insiders on the IPO) are also being registered for resale in one of two prospectuses included in today's SEC filing.
Apollo, which was founded in 1990 and booked $2.1 billion in sales last year, had $67.6 billion in assets under management as of December 31, 2010. The asset manager plans to list on the NYSE under the symbol APO. Goldman, Sachs & Co., J.P. Morgan and BofA Merrill Lynch are the lead underwriters on the deal, which is expected to price during the week of March 28.
