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Artisan Partners prices IPO at $30, above the $27-$29 range
By: Renaissance Capital
Artisan Partners Asset Management, an equities-focused
investment manager with more than $74 billion under management,
raised $332 million by selling 11.1 million shares at $30, above
its proposed range of $27 to $29 per share. The company had
originally filed to offer 11.6 million shares. Artisan
Partners will list on the NYSE on Thursday under the symbol
APAM. Citi and Goldman Sachs acted as joint bookrunners
on the deal.
Artisan is the first traditional asset manager to complete an IPO since Manning & Napier ( MN ) raised $150 million in November 2011. After a slow start, shares of Manning & Napier have rallied strongly year to date, along with many other well-managed asset managers with exposure to equities on the premise that recent stock market gains and positive money flows should lead to higher earnings across the sector. Manning & Napier closed Wednesday at $15.09, up 26% from its offer price.