One benefit of publicly-traded stock is that it can be used as currency to buy other firms. It appears that Manning & Napier
's IPO will give it two firms of acquisition currency. An Investor's Business Daily's article
by Amy Reeves notes that the mutual fund firm's upcoming IPO will build its acquisition warchest.
The mutual fund firm is expected to
expected to go public this week
Reeves notes that of the $186 million the asset manager expects to raise from the IPO, it has set aside $41.6 million for general corporate purposes. Those include possible acquisitions.
She also writes that the Fairport, New York-based asset manager plans to pursue a geographic expansion after the IPO. It currently has a presence in six other states.
Armie Margaret Lee
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