Apollo Global Said to Consider Selling Its Shares for $18 to $20 Apiece
Apollo Global Management LLC is considering a price range of $18 to $20 a share for its stock offering, said one person with knowledge of the matter.
The private equity firm is unlikely to start marketing the share sale today after the crisis in Japan spurred a plunge in global markets, said two people, who declined to be identified because the matter isn’t public and no formal decision has been made. New York-based Apollo, led by Leon Black, has said it plans to list shares on the New York Stock Exchange.
Market conditions will determine when Apollo will schedule its roadshow to market the share sale, the people said.
Reuters reported earlier today Apollo plans to sell 26 million shares for as much as $20 each. Carolyn Sargent, a spokeswoman for Apollo, declined to comment.
Apollo has filed with the U.S. Securities and Exchange Commission to register stock on behalf of investors who purchased shares from the company through private transactions. Apollo also plans to raise money through an initial public offering, after which its shares will trade on the NYSE.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. are the lead underwriters for the offering, Reuters reported.
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