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Apollo IPO Prices at $19, at High End of Range

Traders work on the floor of the New York Stock Exchange.
AP
Traders work on the floor of the New York Stock Exchange.

Private equity firm Apollo Global Management on Tuesday priced its long-expected initial public offering at $19 per share, at the high end of the expected range, according to people familiar with the matter.

The shares were seen pricing in a range of $17 to $19.

The IPO raised $565.4 million. The company sold 29.76 million shares, against the 26.3 million that was expected.

The pricing puts Apollo's valuation at more than $7 billion.

The company first filed registration documents with the Securities and Exchange Commission in 2008 only to see plans for an initial public offering delayed due to the recession.

In addition, the firm reportedly delayed its road show launch because of the massive earthquake and tsunami in Japan resulting in a nuclear crisis and market turmoil.