Artisan Partners Asset Management ( APAM ), an equity-focused investment manager with $74 billion AUM, traded up 29% on its first day of trading on Thursday. On Wednesday, Artisan raised $332 million after pricing at $30, above the proposed range of $27 to $29.
The first-day gain was the best for a pure-play, traditional asset manager in 15 years. The last traditional asset manager to go public, Manning & Napier ( MN ), traded exactly flat on its first day of trading in November 2011, after pricing 25% below its proposed midpoint. More recently, Silvercrest Asset Management withdrew an IPO attempt in November 2012.
| Best first-day gains for pure-play, traditional asset manager IPOs since 1998 | |||
|---|---|---|---|
| Company | Offer Date | Deal Size | First-Day Gain |
| Artisan Partners Asset Management ( APAM ) | 3/6/2013 | $332 million | 29.4% |
| WP Stewart & Co. (WPL) | 12/7/2000 | $258 million | 22.5% |
| Waddell & Reed ( WDR ) | 3/4/1998 | $499 million | 14.9% |
| Pzena Investment Management ( PZN ) | 10/24/2007 | $110 million | 11.6% |
| Calamos Asset Management ( CLMS ) | 10/27/2004 | $360 million | 10.7% |
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
