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Friday, February 09, 2018|
Victory IPOs On a Rough Day
An acquisitive, multi-boutique asset manager in Ohio just IPOed on what turned out be another rough day in the markets, and its shares took a hit.
Victory's shares fell 10.77 percent yesterday (to $11.6). Yet the broader market fell, too, though not as much; the Dow fell 4.15 percent, the S&P 500 fell 3.75 percent, and the Nasdaq fell 3.9 percent. As for publicly traded asset managers, most saw their stocks slip between three and six percent yesterday.
Victory had $61.8 billion in AUM as of December 31, 2017, and Renaissance Capital estimates that Victory raised $152 million from the IPO, up from the $100 million Victory estimated a month ago in its S-1. In the S-1, Victory also revealed that private equity firm Crestview Partners would continue to control a majority of the voting rights post-IPO. As of September 30, 2017, 70 percent of Victory's employees owned a combined 29 percent of the company.
Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley were the lead underwriters for the IPO. Other underwrites involved included: Barclays, Goldman Sachs, Keefe Bruyette & Woods (part of Stifel), RBC, Sandler O'Neill, and William Blair.
Printed from: MFWire.com/story.asp?s=57627
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