MutualFundWire.com: Artisan Pulls the Trigger

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Thursday, March 7, 2013

Artisan Pulls the Trigger

They finally did it.

Artisan [profile] has raised $332 million IPO by selling 11.1 million shares at $30 per share, above the $27 to $29 range initial proposed, according to Renaissance Capital.

According to Renaissance, the Milwaukee-based mutual fund shop had originally filed to offer 11.6 million shares. Artisan Partners will list on the NYSE today under the symbol APAM. The offering is expected to close on March 12, 2013, subject to customary closing conditions, according to Artisan.

Citi and Goldman Sachs acted as joint bookrunners on the deal. In a statement, Artisan said that it has granted the underwriters an option to purchase up to 1,658,123 additional shares at the initial public offering price less underwriting discounts and commissions.

The IPO, of course, garnered the attention from a slew of news outlets, including Bloomberg Businessweek and the Milwaukee-Wisconsin Journal Sentinel, as well as SeekingAlpha.

Barron's reports that the IPO was over-subscribed "many multiple times" according to research IPO Boutique.

Meanwhile, Artisan said that Artisan Partners Limited Partnership, its primary operating entity upon completion of the initial public offering, will act as an independent investment management firm. It will be focused on providing high value-added, active investment strategies to sophisticated clients globally, according to RTTNews.

SeekingAlpha, assuming a median share price of $28, valued Artisan at $1.86 billion.

With a share price of $30, Artisan's valuation would then go up to $1.99 billion.

That would place the company's value at 2.69 percent of the $74 billion of assets it managed in 2012.

It's been a long and winding road to IPO for Artisan.

It initially filed for IPO in in April 2011 , but withdrew in December of that year due to unfavorable market conditions. For example, Manning & Napier's IPO that year garnered the firm only $150 million based on 12.5 million shares that initially sold for $12 each, below the $15 to $17 range initially proposed.

Artisan charged once again into the IPO breach near the end of last year, and initially set its $27 to $29 price range at the end of February.

The Company's Class A common stock is expected to begin trading on the New York Stock Exchange under the symbol "APAM" on March 7, 2013.

Here is the press release:

Company Press Release
Artisan Partners Asset Management Inc. Prices Initial Public Offering

MILWAUKEE-- Artisan Partners Asset Management Inc. (the "Company") announced today the pricing of its initial public offering of 11,054,156 shares of Class A common stock at a price to the public of $30.00 per share. The Company has granted the underwriters an option to purchase up to 1,658,123 additional shares at the initial public offering price less underwriting discounts and commissions. The Company's Class A common stock is expected to begin trading on the New York Stock Exchange under the symbol "APAM" on March 7, 2013. The offering is expected to close on March 12, 2013, subject to customary closing conditions.

Artisan Partners Limited Partnership ("Artisan Partners"), the Company's primary operating entity upon completion of the initial public offering, is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. Artisan Partners has five autonomous investment teams that oversee twelve distinct U.S., non-U.S. and global investment strategies. Each strategy is offered through multiple investment vehicles, including Artisan Partners Funds, Inc., to accommodate a broad range of client mandates. As of February 15, 2013, Artisan Partners had approximately $79.5 billion in assets under management.

A registration statement relating to the Company's Class A common stock has been filed with and declared effective by the Securities and Exchange Commission. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, may be obtained from Citigroup Global Markets, Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 800.831.9146, email:batprospectusdept@citi.com; or Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 866.471.2526, facsimile: 212.902.9316, email: prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.