Invesco today priced the $400 million offering of its common stock announced earlier this week at $14 a share.
In a news release, the money management firm’s executives said they want to close the sale of 28.6 million shares by May 26, although underwriters Merrill Lynch, Citi and Morgan Stanley will have a 30-day option to purchase an additional 4.29 million shares to cover overallotments.
The proceeds of the offering will be used for general corporate purposes, including support for continued growth, new product initiatives, diversification of the company and repayment of outstanding debt, according to the news release.
