Finance History|11 Wall Street — Nineteen Dollars for Eleven Point Four Million Units Called ARES
· 2014-5
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Finance History|11 Wall Street — Nineteen Dollars for Eleven Point Four Million Units Called ARES
kevin
People treat Ares as a Century City credit shop that always printed ARES on a mature Big Board book.
The first public print was a partnership selling units below the marketed range.
Ares Management LP filed to list common units on the New York Stock Exchange under the letters ARES.
The early term sheet talked about 18.2 million units at 21 to 23 U.S. dollars. An Abu Dhabi affiliate that had been slated to sell 6.8 million units kept the stake.
On 1 May 2014 the firm priced 11.4 million common units at 19.00 U.S. dollars each.
Gross proceeds were about 216 million U.S. dollars in 2014 currency. Reuters and the Los Angeles Business Journal both recorded that cut-down size and price.
The first trade was 2 May 2014. Bloomberg recorded the close at 18.60 U.S. dollars, 2.1 percent below the offer.
CNBC noted an even weaker open at 18.15 U.S. dollars before the session settled.
The firm then oversaw about 74 billion U.S. dollars of assets, most of them in credit.
The letters on the tape were ARES.
The pin is the Broad Street facade of the exchange that took the order. The trading floor is not a visitor gallery.
The mechanism is a scaled-back alternative-asset IPO that still converted a private partnership into quoted units after the selling shareholder stepped aside.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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