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Artisan Partners prices IPO at $30, above the $27-$29 range

By: Renaissance Capital
Posted: 3/6/2013 8:06:00 PM
Referenced Stocks: APAM;MN

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.