Finance History | 9 West 57th Street — Nineteen Dollars After a Private Goldman Tape
· 2011-3
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Finance History | 9 West 57th Street — Nineteen Dollars After a Private Goldman Tape
kevin
People treat Apollo as a Midtown credit machine and a later S and P 500 name.
The public share arrived late, after a private placement and a withdrawn crisis filing.
Leon Black, Joshua Harris and Marc Rowan formed the firm in 1990 after Drexel Burnham Lambert collapsed. The office that still holds the name sits in the Solow Building at 9 West 57th Street.
In 2007 Apollo sold Class A interests on Goldman Sachs's private GSTrUE market, including a large stake placed with CalPERS and the Abu Dhabi Investment Authority.
A 2008 public filing was pulled when the credit market closed. The listing waited.
On 29 March 2011 Apollo Global Management LLC priced 29.7 million Class A shares at 19 dollars each, the top of a reduced range, and raised 565.4 million dollars in 2011 currency. The firm sold 21.5 million shares. Existing holders sold 8.3 million.
Trading began on the New York Stock Exchange the next day under the ticker APO. Reuters recorded a first-day close of 18.20 dollars, 4.2 percent below the offer price.
The founders sold no stock in the offering. Control stayed in Class B units.
The mechanism is an alternative-asset partnership converting a private book into a listed share while leaving voting power with the principals. Blackstone and KKR had already tested the same structure.
The pin is the public Fifth Avenue and 57th Street pavement under the Solow slab. The forty-second floor is not a visitor gallery.
Photo: Kidfly182, August 2021, CC BY-SA 4.0, via Wikimedia Commons. Solow Building, 9 West 57th Street.
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