Ares Management has set a share price range for its initial public offering, according to an amended S-1 the firm filed with the US Securities and Exchange Commission on Tuesday.
Ares will offer 18.2 million shares on the New York Stock Exchange with an offering range of $21 to $23 per share, according to the filing. The firm expects to raise approximately $237.5 million in the IPO, assuming a common unit offering price of $22.
JPMorgan and BofA Merrill Lynch will act as lead underwriters on the IPO. If underwriters fully exercise their option to purchase additional shares, net proceeds could go as high as approximately $294.5 million.
Proceeds generated by the IPO will be used to partially repay outstanding balances under its credit facility, for general corporate purposes and to fund growth initiatives.
Ares has spent the last decade growing assets under management through the launch of new products and investment strategies. The firm had roughly $74 billion in AUM, according to its S-1, $55 billion of which through its direct lending and tradable credit platforms. The firm also maintains a $10 billion private equity strategy and a $9 billion real estate strategy.
Ares generated $517 million in total management fees last years, accounting for roughly 84 percent of its total fee revenue. The firm has more than 140 active investment funds under management.