NEW YORK (TheStreet) -- Wall Street rolled out the welcome wagon for Apollo Global Management (APO) on Tuesday as the private equity firm's long-awaited initial public offering received a rousing reception.
Apollo priced the offering at $19 per share, selling 29.8 million common shares, according to the Wall Street Journal. The company was seeking to sell a little more than 26 million shares for between $16-$19 each, the WSJ said.
In a Form S-1 registration statement filed with the Securities and Exchange Commission earlier this month, Apollo said it earned $94.6 million, or 83 cents a share, on revenue of $2.11 billion for 2010, up from its loss of $155.2 million, or $1.62 a share, on revenue of $966.7 million in 2009.
Leon Black, a former managing director at Drexel Burnham Lambert, serves as CEO and chairman of Apollo, which originally filed its prospectus for an IPO more than three years ago. The firm's business include leveraged buyouts, real estate investments, and distressed debt investing.Apollo's investments include Alcan, CKE Restaurants, LyondellBasell, Dish TV. and Charter Communications. The stock is expected to begin trading on the New York Stock Exchange on Wednesday. --Written by Michael Baron in New York.
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