Shares of Pzena Investment Management Inc. gained in their first day of trading on the New York Stock Exchange after the asset manager’s initial public offering priced at $18 per share Investment Managemen.
The investment management firm had expected the IPO of 6.1 million shares of Class A stock to price between $16 and $18 per share Investment Managemen.Pzena plans to use proceeds from the offering to acquire membership units held by one former employee and two outside investors. The membership units will be reclassified as Class A units. Investment Managemen Pzena will not keep any proceeds from the offering.
Goldman Sachs and UBS Securities served as the IPO’s lead managers. Banc of America Securities Investment Managemen, Fox-Pitt Kelton, JP Morgan Securities and Keefe, Bruyette & Woods also served as underwriters Investment Managemen.
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