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Rating:Artio Preps IPO Pricing Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 23, 2009

Artio Preps IPO Pricing

Reported by Sean Hanna, Editor in Chief

Wall Street's recent euphoria is lifting the bar that had held back IPOs since last year and Artio's management is taking steps to ensure that their shares make their way into the market.

Underwriters Goldman Sachs and BofA Merrill Lynch are pricing the shares in the hopes of floating the shares in the coming days.

According to management statements made during their institutional road show (see roadshow here), Artio will sell 23.4 million shares at $24 to $26 per share. That price range implies a market cap of $1.6 billion for the asset manager.

Artio has also recently updated its SEC filings covering the offering.
* * *

While Artio is planning to sell shares on Wall Street, Allianz is giving its place on the exchange up. The Wall Street Journal reports that the German insurer will pull its ADRs from the NYSE and several European stock exchanges. Allianz officials told the paper that fewer than 5 percent of their shares trade outside of Germany. Allianz SE listed its ADRs on the NYSE in 2000.  

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