Manning & Napier [see profile]
expects its valuation to be about $1.4 billion. Yesterday the Rochester, New York-based mutual fund amended its form S-1 to include expected initial public offering pricing of $15 to $17 per share for 12.5 million shares.
The Rochester Business Journal
reported on the filing. And Renaissance Capital estimated
that, at the mid-point of the IPO pricing range, i.e. $16 per share, the IPO will value Manning & Napier at $1.4 billion, or nearly 3.29 percent of the firm's $42.6 billion in assets and more than 26 times the firm's 2010 earnings of $53.1 million. The offering could raise up to $230 million.
The IPO includes a number of underwriters, led by Bank of America Merrill Lynch
. The others are Keefe, Bruyette & Woods
, Needham & Company
, Sandler O'Neill and Partners
, Stifel Nicolaus Weisel
and Wells Fargo
Neil Anderson, Managing Editor
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