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Friday, September 25, 2009

Artio's IPO Yields $650 Million

by: Daniel Tovrov

Artio Global Investors, which raised $650 million in its IPO, finished its first day of trading on the New York Stock Exchange Thursday with its shares up nearly five percent. Rudolph-Riad Younes, Artio's head of international equity, is slated to ring the closing bell this afternoon.

The New York asset manager priced its offering of 25 million shares of Class A common stock at $26 a share.

Shares of Artio, which trade under the ticker "ART," closed at $27.25 on Thursday.

The Artio IPO marks an end to a 15-month long dearth in financial company flotations. Fifth Street Finance Corporation, in June 2008, was the last previous asset manager to go public.

Artio will use the money to buy back 22.6 million shares from its parent.  

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