Apollo lowers IPO price range

PRIVATE equity firm Apollo Global Management yesterday lowered the expected price range for its initial public offering, filing detailed terms with US regulators almost a week later than originally expected.

Apollo plans to sell 26.3m shares for $17 (£14.81) to $19 each, according to a filing with the regulators.

Last week Apollo, co-founded by chief executive Leon Black, delayed the launch of its $500m IPO in the wake of the crisis in Japan that rattled global stock markets and raised concerns that volatility could also hurt the IPO market.