Black’s Apollo Raises $565.4 Million in Expanded Offering
Apollo Global Management LLC raised $565.4 million, 13 percent more than it sought, pricing its share sale at the top end of the marketed range and increasing the number of shares sold.
The private-equity firm founded by Leon Black sold 29.8 million shares at $19 each, the company said yesterday in a statement. Apollo fell 28 cents to $18.72 at 10:22 a.m. in New York Stock Exchange composite trading.
Apollo is one of four scheduled U.S. offerings seeking to raise a total of $1.08 billion this week after the earthquake in Japan earlier this month caused global markets to slump and share sales in the U.S., Europe and Asia were shelved or scrapped. Successful deals may signal renewed confidence in the U.S. market for initial public offerings, where companies this year have raised more than triple the amount in the first quarter of 2010.
Apollo had offered 26.3 million shares at $17 to $19 apiece, according to a filing with the U.S. Securities and Exchange Commission. Proceeds will be used for general corporate purposes and “to fund growth initiatives,” the prospectus showed.
Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC) led Apollo’s offering. The shares will start trading today on the New York Stock Exchange under the symbol APO.
Underwriter Option
Apollo, based in New York, sold 21.5 million shares in the sale. It had planned to offer 18 million, according to the original terms. Selling stockholders including Goldman Sachs offered the remaining 8.26 million shares. The underwriters may buy 4.46 million additional shares from Apollo by exercising an overallotment option, the company said.
Qihoo 360 Technology Co., the Chinese provider of computer anti-virus products and Web browsers, raised $175.6 million, 16 percent more than originally sought, in its U.S. initial public offering yesterday.
UBS AG of Zurich and New York-based Citigroup Inc. led Qihoo 360’s offering. The ADRs will trade on the New York Stock Exchange under the symbol QIHU.
To contact the reporter on this story: Lee Spears in New York at lspears3@bloomberg.net
To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net
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