23rd Sep 2014 10:21
LONDON (Alliance News) - Old Mutual PLC Tuesday launched the initial public offering of its subsidiary OM Asset Management Ltd, the holding company for its US-based institutional asset management business, and said it plans to sell 22.0 million shares, or an 18.3% stake, at a range between USD15.00 and USD17.00 per share.
In a statement, the FTSE 100 financial services group said it has also granted the underwriters a 30-day over-allotment option to purchase up to an additional 3,300,000 shares.
The ordinary shares have been approved to trade on the New York Stock Exchange under the symbol 'OMAM'.
The offering is being made through co-ordinators and joint book-running managers BofA Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup, and Credit Suisse Securities (USA) LLC.
OM Asset Management had USD215.0 billion of assets under management at the end of June.
Old Mutual shares were Tuesday morning quoted down 1.5% at 189.30 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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