MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, November 8, 2011 Manning and Napier's IPO Valuation Could Be $1.4B 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. Printed from: MFWire.com/story.asp?s=38274 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |