Silvercrest sets terms for IPO
Silvercrest Asset Management Group, a financial advisory firm with over $11 billion of assets under management, announced terms for its IPO on Thursday. The New York, NY-based company plans to raise $55 million by offering 4.6 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Silvercrest would command a fully diluted market value of $135 million. Silvercrest Asset Management Group, which was founded in 2001 and booked $47 million in sales for the 12 months ended 6/30/2012, plans to list on the NASDAQ under the symbol SAMG. Sandler O'Neill and Raymond James are the joint bookrunners on the deal.