Tuesday, 26 May 2015
Last updated 13 min ago
Mar 23 2010 | 3:36am ET
Two years after it first filed plans for an initial public offering, private equity firm Apollo Management yesterday said it planned to raise about $50 million in a listing on the New York Stock Exchange.
Apollo first publicly mulled an IPO in 2007, the year both the Blackstone Group and Fortress Investment Group went public. The New York-based firm, which manages more than $53 billion, instead went with a private offering that year.
Those shares will now be moved to the NYSE, although Apollo did not set a timetable for the IPO in its statement. The non-management shares currently trade on a Goldman Sachs platform for unregistered securities. Those 35.6 million shares currently trade at about $8.
According to the firm, neither its own employees nor its strategic investors will take part in the public offering. It also said it would not receive any proceeds from the sale of Class A shares by selling shareholders.
Apollo’s filing with the Securities and Exchange Commission also offers a peak into its inner workings. Firm founder Leon Black earned $100,000 in salary last year and $787,391 in total compensation. Its highest-paid employee was James Zelter, managing director of capital markets, who earned $12.1 million in total compensation. Former CFO Kenneth Vecchione, who left the firm in January, made $2.9 million. Chief legal officer John Suydam took home $3.7 million, while chief operating officer Henry Silverman earned almost $7 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…