Ares Management's initial public offering could raise as much as $418.6 million if its 18.2 million common units sell at the top of its range of between $21 and $23, according to an amended prospectus filed by the firm on Tuesday.
The IPO values Ares at up to $4.9 billion, at the highest sales price. Ares is not expected to go public before May 5.
The alternative investment firm, with $74 billion under management as of year-end 2013, will be selling 11.36 million shares, with the rest being offered by investor Abu Dhabi Investment Authority, which is estimated to have $627 billion in assets.
Abu Dhabi Investment Authority could reap as much as $157.2 million of the total raised. After the IPO, Abu Dhabi Investment Authority's stake in Ares Management will be reduced to 27.3 million shares representing as much as 34.28% of the company.