initial public offerings (IPOs) trading on American exchanges

Sunday, July 3, 2011

Manning & Napier files for IPO of up to $250 mln

(Reuters) - Investment firm Manning & Napier Inc filed with U.S. regulators on Friday to raise up to $250 million in an initial public offering, making it the latest in a string of asset management firms tapping the public market for funds.

The Fairport, New York-based firm, which has $40.9 billion assets under management for the quarter ended March 31, now joins the league of Oaktree Capital Management and Apollo Global Management .

Billionaire Bill Ackman, founder of Pershing Square Capital Management, might be mulling an IPO for a fund.

Private equity giant Carlyle Group is also planning an offering.

Private equity firms suffered a set back when the financial crisis drastically brought down the value of their portfolio companies and crippled their ability to strike new deals.

However, with the economic recovery the outlook for selling portfolio companies has improved.

Manning & Napier plans to list its class A shares under the symbol "MN".

The firm's chairman, William Manning, will still have a majority of the company's voting rights as he will own 100 percent of its class B common stock after the offering.

Manning & Napier, which generated $255.5 million in 2010 revenue from its investment management services, said that it and certain selling stockholders would be offering shares in the IPO.

It did not reveal how may shares would be offered or their expected price.

Bank of America Merrill Lynch will be underwriting the offering, said Manning & Napier, which owns shares of Kroger , Safeway , Supervalu and Dutch grocer Ahold .

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO can be different.

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