It was ten months in the making, but Mario Gabelli's long-awaited initial public offering of his Rye-based firm, Gabelli Asset Management, Inc. was finally held on Feb. 11.
Trading of the Class A Common Stock on New York Stock Exchange, under the symbol GBL, began at $17.75 per share.
The IPO registration statement was originally filed with the SEC on April 24, 1998. There were three subsequent amendments to the filing, the latest occurring on Jan. 29, 1999.
A total of six million Class A common shares, and 24 million Class B shares were to be issued, according to SEC documents. Two-thirds of the Class B shares are owned by Gabelli himself; the rest are owned by the firm's staff and other individuals.
According to the third amendment to the registration statement, Gabelli will receive ten percent of Gabelli Asset Management's pre-tax profits. In addition, he will receive a deferred payment of $50 million, plus interest, on Jan. 2, 2002.