Private Equity company Apollo ( 38 bn USD AUM ) sets sights on NYSE listing

Discussion in 'Wall St. News' started by ASusilovic, Nov 18, 2009.

  1. Apollo Management, the big private equity firm headed by former Drexel Burnham Lambert executive Leon Black, is planning to list on the New York Stock Exchange in the coming weeks, according to people familiar with the matter.

    Apollo, which has $38.3bn in assets under management, would be the second buy-out firm to list in New York, after Blackstone. Since its public offer in 2007, Blackstone shares have lost about half their value, giving it a market value of about $17bn.

    Apollo could file its registration statement as early as this week with the NYSE, which must approve the listing, the people familiar with the plans said. Apollo will list shares that now trade on platforms run by banks, including GSTrUE, which was set up by Goldman Sachs in 2007 for institutional investors. On GSTrUE, Apollo is valued at about $1.55bn, but that valuation may have been depressed by the trading platform’s lack of liquidity.

    Apollo’s listing on the NYSE is aimed at taking advantage of the rally in financial markets. Mr Black has been positioning his firm by buying bonds and loans at deep discounts during the financial crisis.

    Will it mark the equity market top as it did with Blackstone ?