Apollo Global IPO Said to Be Oversubscribed as LBO Firm Seeks $499 Million

Apollo Global Management LLC’s share sale has received more orders than the amount of stock being offered, according to two people with knowledge of the situation.

The deal will likely price at the top of the range, and may price above the top end, said one of the people, who declined to be identified because the information is private. Apollo, the New York-based private equity firm led by Leon Black, is scheduled to offer 26.3 million shares for $17 to $19 each today, according to a regulatory filing and data compiled by Bloomberg.

The offering by Apollo aims to raise as much as $342 million for the firm and $157 million for existing shareholders, according to its filing with the U.S. Securities and Exchange Commission. Underwriters may buy 3.94 million additional shares from Apollo by exercising an overallotment option, the prospectus showed.

To contact the editor responsible for this story: Elizabeth Wollman at ewollman@bloomberg.net