Apollo inches its way to IPO
Avoiding the fanfare of other private-equity IPOs, Apollo Management will go public by degrees.
Avoiding the fanfare of other private-equity IPOs, Apollo Management will go public by degrees, The New York Times reported.
Unlike rivals Kohlberg Kravis Roberts and Blackstone Group, Apollo will file a form 144A with registration rights with the Securities and Exchange Commission, sources told the Times.
That will let the New York-based private-equity firm sell shares of itself to private investors without the disclosure requirements of a standard initial public offering.
Apollo’s shares will sell on an exchange available to institutional investors.
In addition to avoiding the unwanted scrutiny that followed Blackstone’s heralded IPO, the tactic will helps bring in those specialty investors before rival offerings from other private equity firms come in, the Times reported.
However, Apollo will eventually have to go fully public and hopes to do so on the New York Stock Exchange by the first quarter of 2008, sources told the Times.
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