Apollo Global Management (APO)

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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs:   Globe Specialty Metals   •   LogMeIn   •   Invesco Mortgage Capital   •   Medidata   •   Chemspec

 

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Remi Cossart

Apollo Global Management (NYSE:APO) is an alternative asset manager of credit and private equity. It makes money by charging management, transaction, and advisory fees. Apollo runs three business segments: Private Equity, Capital Markets and Real Estate. Its Private Equity segment consists of $38.8B Assets Under Management (AUM) which are used for buyouts and debt investments. Capital Markets has $22.3B AUM and is made up of senior credit funds, mezzanine funds, and loan funds. Real Estate has $6.5B and consists of Mortgage-Backed Securities (MBS), senior and subordinated debt, and investments in distressed debt or equity.^[1]

The company's initial public offering of stock on the NYSE occurred on March 29, 2011. The company offered 29.8M shares each for $19. This was at the high end of the initial price range of $17-$19. The company had initially planned to sell 26.3M. The pricing and the increase and shares brought the total deal to $565M rather than $473.4M. The lead underwriters of the IPO were Goldman, J P Morgan Chase (JPM), and [[Bank of America (BAC)].^[2]

For the full year 2010, the company's total revenue was $2.1B. This was an increase over the 2009 total revenue of $967M. In 2008, Apollo reported a negative revenue of -$267M. This negative revenue was caused by a loss in carried interest income. For 2010, Apollo reported a net income of $543M. This was an increase from the net loss of $95M reported for 2009.^[3]

References

1. ↑ APO 2011 S-1/A PROSPECTUS SUMMARY "Our Business" pg 4
2. ↑ Renaissance Capital - IPO Home "Apollo Global prices IPO at $19, the high end of the range" 29 March 2011
3. ↑ APO 2011 S-1/A PROSPECTUS SUMMARY "Summary Historical and Other Data" pg 26