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Apollo's IPO Sidetracked by Global Turmoil

The private-equity firm Apollo Global Management has waited years to go public. Now geopolitical events are forcing it to wait a little longer.

Because of the market turmoil unleashed by natural and nuclear disasters in Japan, Apollo opted to scuttle its planned road show launch on Tuesday, say people familiar with the matter, until conditions improved. The buyout firm is now planning to launch its IPO marketing efforts on Monday at the earliest, one of these people says.

An Apollo spokesman declined to comment.

Apollo, whose regulatory filings paved the way for a tiny public offering of just $50 million worth of shares, in fact plans to sell about 26 million shares to the public at a price of between $18 and $20 apiece, the people familiar with the matter say. Assuming the midpoint price in the range, that would value the IPO at about $494 million.

The company’s road show is expected to last about ten days, one of these people says. That means that if the launch occurs on Monday, the pricing of Apollo’s new issue could occur on March 30 or March 31. Because of the market uncertainty, however, the time frame remains up in the air, added this person.


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