Milwaukee, WI-based Artisan Partners Asset Management today revealed in a regulatory filing that it expects the initial price of its Class A shares to be between $27 and $29.
The firm said it estimates that the net proceeds from the sale will be approximately $297.1 million, or approximately $342.3 million if the underwriters exercise their option to purchase additional shares of Class A common stock, based on an assumed initial public offering price of $28.00 per share. The underwriters are Citigroup, Goldman, Sachs & Co., Bofa Merrill Lynch, Keefe Bruyette & Woods, Sandler O’Neill + Partners, L.P., Morgan Stanley and Scotiabank.
It intends to use $90.0 million of the net proceeds to repay all of the then-outstanding principal amount of any loans under its revolving credit agreement, approximately $67.1 million to purchase an aggregate of 2.5 million Class A common units from initial outside investors, approximately $61.3 million to make a distribution of retained profits of Artisan Partners Holdings to its pre-offering partners and the balance for general corporate purposes, including working capital.
The firm reported total assets under management of $17.2 billion as December 31, 2012.