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Artisan Partners Sets IPO Pricing Between $27 And $29

 February 26, 2013 02:21 PM

(By Balachander) Artisan Partners Asset Management Inc. plans to sell about 11.5 million shares at between $27 and $29 each in an initial public offering (IPO).

Based on the midpoint of the pricing range, the IPO could raise around $322 million in proceeds and the company would have an initial market cap of roughly $1.9 billion.

Artisan filed for a $250 million IPO in April 2011, but later withdrew it citing "unfavorable market conditions."

The company provides U.S., non-U.S. and global equity investment strategies and managed a total of $74.3 billion in assets as of December 31, 2012.

Assets under management (AUM) increased to $74.3 billion as at the end of last year from $19.2 billion as of December 31, 2002. From December 31, 2012 to February 15, 2013, AUM increased by an additional $5.2 billion to $79.5 billion.

[Related -Savings Glut and Financial Imbalances]

As of December 2012, Artisan Partners managed 182 separate accounts representing $34.7 billion, or 47%, of its AUM.

Net income attributable to Artisan Partners Holdings LP was $34 million for the year ended December 2012. The company recorded revenue of $506 million for the 12 month period from $147.9 million for the year ended December 31, 2002.  

The underwriters have the option to purchase up to an additional 1.7 million shares of Class A common stock.

The company plans to list on the NYSE under the symbol "APAM."

Citigroup and Goldman Sachs are serving as lead underwriters.

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