After months of waiting, Manning and Napier [see profile] has priced its initial public offering. The wait did not make the stock more dear, though. The price on the IPO is $12 per share, well below the $15 to $17 that the underwriters had anticipated.

The stock will begin trading on the NYSE under the "MN" symbol Friday morning.

Manning & Napier will sell 12.5 million shares, raising $150 million. It manages $38 billion in assets.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE