Old Mutual Asset Management Ltd., the U.S. asset management unit of London-based global financial services group Old Mutual PLC, plans to sell 22 million shares, or 18.3% of its ordinary shares in an initial public offering, a company spokesman said.
The shares are being offered by Old Mutual, which intends to sell the shares for between $15 and $17 per share. Old Mutual will also grant the underwriters a 30-day overallotment option to purchase up to an additional 3.3 million shares. Old Mutual will still own the remaining shares. The ordinary shares have been approved to trade on the New York Stock Exchange under the symbol OMAM.
The company will begin marketing the offering to investors and make the final offering and list on the NYSE in a few weeks, although there's no official timeline.
OMAM filed a registration statement with the Securities and Exchange Commission in June in preparation for the IPO. Although the firm has been officially listed as OM Asset Management Ltd. with the SEC, it will continue to do business as Old Mutual Asset Management.
OMAM had about $215 billion in assets under management as of June 30.
