Ares Management cuts IPO size, prices below range- underwriter

May 1 (Reuters) - Investment firm Ares Management LP cut the size of its initial public offering by about 40 percent and priced it below the expected price range, an underwriter told Reuters.

The company raised about $216 million from its IPO, selling 11.4 million common units at $19 each, according to the underwriter.

The Los Angeles-based firm was seeking to raise up to $419 million by offering 18.2 million units in the IPO at between $21 and $23 per unit.

(Reporting by Aman Shah in Bangalore; Editing by Lisa Shumaker)