(Adds details of IPO)
April 22 (Reuters) - Credit investment and private equity firm Ares Management LP said its initial public offering is expected to raise up to $419 million.
The offering of 18.2 million common units is expected to be priced between $21 and $23 per unit, the company said in a filing with the U.S. Securities and Exchange Commission on Tuesday.(http://r.reuters.com/gyt68v)
Ares will offer 11.36 million common units, while selling shareholders will offer the rest.
The company will have a market value of about $4.86 billion at the high end of the expected range if all the common units outstanding after the offering are exchanged for newly issued common units.
Ares is widely known for its high-profile leveraged buyouts such as the $6 billion acquisition of luxury department store operator Neiman Marcus Inc last year.
The company will use proceeds from the offering to repay debt and to fund growth initiatives.
Ares, which had $74 billion of assets under management as of Dec. 31, also runs Ares Capital Corp, the largest among shadow banking vehicles involved in direct lending known as business development companies.
Los Angeles-based Ares Management said it plans to list on the New York Stock Exchange under the symbol "ARES".
J.P. Morgan and BofA Merrill Lynch are the lead underwriters to the offering.
(Reporting by Amrutha Gayathri in Bangalore; Editing by Sriraj Kalluvila and Maju Samuel)