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Wednesday, March 06, 2013

Record Dow Presents Prime Opp for Artisan

News summary by MFWire's editors

This could be a great week for Artisan Partners [profile] to go public, according to Bloomberg.

The public offering, which had been priced in late February, is slated for this week.

And what a week for an IPO, with the Dow Jones Industrial Average closing at a record 14,254 Tuesday.

Bloomberg reports that U.S. IPOs so far this year have raised at least $10 billion, compared with $3 billion during the same period last year, according to data compiled by the news organization.

Artisan is seeking as much as $333 million, according to IPO filings which price 11.5 million shares between $27 and $29 per share.

The newswire reports that Artisan will use $90 million of the sale’s proceeds to repay debt, $67.1 million to buy shares from early investors and $61.3 million to pay a distribution to pre-IPO partners, according to IPO filings.

Read more in Bloomberg

Edited by: Tommy Fernandez

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