Aveon Group Files for IPO

(Reuters) – Aveon Group LP filed with U.S. securities regulators on Tuesday to raise up to $205 million in an initial public offering of its common stock.

The investment management firm, which focuses on buying controlling interests in the general partners or managing members of hedge funds, said it plans to use the net proceeds to purchase a number of newly issued Aveon Holdings partnership units, equal to the number of common units that it sells in this offering.

Marblehead, Massachusetts-based Aveon said it intends to list its common stock under the ticker symbol “AVO” on the New York Stock Exchange, but it did not reveal the number of shares it plans to sell.

JP Morgan Securities and Jefferies & Co are underwriting the IPO, Aveon said in a preliminary prospectus filed with the U.S. Securities and Exchange Commission. (Reporting by Shravya Jain in Bangalore; Editing by Anne Pallivathuckal)