Apollo Investments ( AINV), the publicly traded arm of private equity giant Apollo Management, is selling more shares.

The so-called business development company says it intends to sell up to 16 million shares in a public offering. The price of the shares will be determined by the Wall Street firms underwriting the deal.

Apollo says the stock sale stems from a previously filed shelf registration--a regulatory filing that allows a company to sell stock from time to time.

The company, which went public in an April 2004 IPO that raised $930 million, currently has 82 million shares outstanding. The stock is being underwritten by JPMorgan Chase ( JPM), Bear Stearns ( BSC), Citigroup ( C) and Bank of America ( BAC).

Shares of Apollo, which manages about $2 billion investments in mid-sized companies, rose about 36% in 2006. The stock is up about 68% since the April 2004 initial public offering.

Apollo Investment specializes in investing in secured loans taken out by midsize businesses and making private equity investments in similar companies.

Shares of Apollo fell 13 cents to $22.58. In afterhours trading, the stock fell another 18 cents

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