(Reuters) – Private equity firm Apollo Management is expected to price shares in its initial public offering at $18 to $20 each and sell 26 million shares, according to a CNBC report on Tuesday.
At the midpoint of that range, the long-expected IPO would raise $494 million. Apollo is expected to set terms for the IPO on Tuesday, sources familiar with the situation told Reuters on Monday.
Most of the shares sold in the IPO will be new shares, the sources said. The firm’s management would not sell stakes in the IPO, one of the sources said.
A listing will see Apollo join Kohlberg Kravis Roberts & Co [KKR.UL] and Blackstone Group (BX.N) in becoming one of the few publicly-traded private equity firms.
Goldman Sachs (GS.N), JPMorgan (JPM.N) and Bank of America Merrill Lynch (BAC.N) are the lead underwriters, two of the sources said. Citi (C.N), Credit Suisse (CSGN.VX) and Deutsche Bank (DBKGn.DE) are also in the syndicate, three of the sources said. UBS (UBSN.VX) is also in the syndicate, the fourth source said.