Wednesday, April 9, 2008
Private equity firm Apollo Management has filed an IPO with the SEC, according to the Wall St. Journal (although I couldn't find the filing on EDGAR this morning). The offering is valued at about $418 million. If the deal is successful, the main owners, including Leon Black, will make a lot of money and also maintain control, since they plan to seek a "controlled corporation" exception from the NYSE listing requirement of a majority of independent directors. Mr. Black made his reputation selling junk bonds at Drexel Burnham. WSJ, IPO for Apollo Management.