Apollo Kicks Off IPO Road Show, Lowers Price Range
The private-equity shop Apollo Global Management is set to launch its initial public offering road show on Monday, according to two people familiar with the matter, at a slightly lower price range than originally planned.
Apollo will kick off a roughly ten-day road show with a lunch time meeting with the sales force at JP Morgan, one of its lead underwriters, these people say. The planned launch comes after natural and nuclear disasters in Japan and turmoil in the Middle East last week that roiled global markets, forcing Apollo’s offering to be delayed for several days.
In an acknowledgement of the ongoing market volatility, Apollo has lowered its intended share price range to $17 to $19 from the initial range of $18 to $20, the people familiar with the matter say.
An amended regulatory prospectus filed Monday with the Securities and Exchange Commission confirms the new price range.
It adds that the amount of shares to be sold is a little over 26 million. Based on the midpoint of the price range, that means the deal is set to raise about $473 million.
A spokesman for Apollo referred questions to the public filing.
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