The IPO of Apollo Global Management is back on track.
Apollo revealed earlier today it is planning to raise about $473 million by offering roughly 26.3 million class A shares at $17 to $19 each. Apollo itself is selling 18 million shares while certain shareholders are offering about 8.3 million shares. Joint bookrunners on the deal include Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Citi, Credit Suisse, Deutsche Bank Securities and UBS Investment Bank. Underwriters on the deal have an option to buy another 3.9 million shares, according to a statement.
The IPO is expected to price next week, either Tuesday or Wednesday, two sources told peHUB.
The New York PE firm said it plans to use the net proceeds it receives from the IPO on “general corporate purposes and to fund growth initiatives.” However, none of Apollo’s management, employees, affiliates or strategic investors are offering shares in the offering, a statement said. Apollo plans to trade on the NYSE under the ticker “APO.”
Last week, global turmoil from Japan’s earthquake appeared to derail the IPO. Apollo reportedly decided to delay the offering until stock market calmed down, my compadres at Thomson Reuters reported.
Once it does go public, Apollo will join rivals the Blackstone Group and KKR as a publicly traded PE firm.
Officials for Apollo declined comment.