Artisan Partners (APAM) is making a second attempt to go public, disclosing in a filing Monday with the Securities and Exchange Commission that it plans to raise up to $342 million in an initial public offering.
The Milwaukee-based money management firm sought to raise up to $250 million in an IPO filing in April 2011 but withdraw its application eight months later citing unfavorable market conditions.
Under the new offering, Artisan plans to sell more than 11.5 million shares at a price range of $27 to $29 a share through a team of underwriters led by Citigroup and Goldman Sachs. If all those shares are sold, the underwriters would have the option of purchasing an additional 1.7 million shares.
The IPO could bring a big payday to key Artisan employees and investors. The company says shortly before closing the IPO, it would make $56.8 million in incentive payments to certain portfolio managers and distribute $61.3 million to 55 partners. The company would also buy back 2.6 million shares from certain investors, paying them $67.1 million, and distribute another $40 million to partners.
Artisan Holdings reported net income of $33.8 million in 2012, down from $133.1 million a year earlier.
Under the IPO structure, 52% of shares would be in the hands of Artisan founders Andrew and Carlene Ziegler and other outside investors.
Artisan had $74.3 billion in assets under management as of Dec. 31
Company spokesman Mike Roos said the company would have no comment.