Manning & Napier Files to Raise $250 Million in Initial Offering
Manning & Napier Inc., the investment-management firm that was founded in 1970, seeks $250 million in an initial public offering.
The Fairport, New York-based company’s initial filing with the U.S. Securities and Exchange Commission didn’t say how many shares it will offer or at what price.
Manning & Napier announced its IPO after companies in the last three months filed for initial offerings at the fastest pace since 2007. The mutual-fund manager said it is raising funds for general corporate purposes, including possible acquisitions, after its assets under management increased more than sixfold since 1999 to $42.6 billion.
Net income in the three months through March 31 more than doubled to $23.7 million from a year earlier, while operating revenue increased 36 percent to $78 million, according to the filing.
Manning & Napier’s offering is being managed by Bank of America Corp. (BAC), according to the filing.