Ares Falls in Debut After First Private-Equity IPO Since ’12
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Ares Management LP, the first alternative-asset manager to go public in two years, fell in its trading debut after pricing its initial public offering below the marketed range.
Ares dropped 2.1 percent to $18.60 at the close of trading in New York. The firm, which oversees $74 billion in credit, private-equity and real estate assets, raised $216 million by selling the shares for $19 apiece.