SHARES of private equity firm Apollo Global Management priced at the top of a proposed range last night and its initial public offering is set to raise a higher than expected $565.4m (£353.4m), an encouraging sign for other asset managers considering public offerings.
Founded by former Drexel Burnham Lambert banker Leon Black in 1990, Apollo follows Blackstone and Kolhberg Kravis Roberts in the spate of private equity firms going public.
The IPO could set the stage for others such as Carlyle Group, which may file papers to go public later this year.
The offering totals 29.8m shares, more than originally expected. Apollo itself is selling 21.5m shares, about 19 per cent more than it had planned, while stockholders are selling 8.3m shares, as planned.