Shares of investment firm Apollo Global Management LLC fell Wednesday in their debut on the New York Stock Exchange after the initial public offering priced at the high end of the expected range.
The company priced nearly 29.76 million shares at $19 each on Tuesday for total proceeds of $565.4 million. That included 21.5 million shares sold by Apollo and 8.26 million shares sold by shareholders. Apollo expected the IPO to price between $17 and $19 each.
If underwriters exercise their option to buy up to 4.46 million more shares, the IPO would bring in $650.2 million. Apollo plans to use the proceeds to fund growth plans and for general corporate needs.
The IPO had been delayed since April 2008 as the firm weathered the recession.
Founded by Leon Black in 1990, Apollo buys troubled companies using borrowed money and tries to sell them for more, usually years later, in a transaction known as a leveraged buyout.
The stock of the New York company, trading under the symbol "APO," fell 80 cents, or 4.2 percent, to close at $18.20.