Apollo takes step forward with IPO, two steps back
On March 22, Apollo Global Management LLC was confident that its imminent IPO prospects were solid. One of its aims was to join fellow private equity giants Blackstone and KKR in going public. In fact, the Apollo event was widely seen as likely to re-ignite a trend that began back in 2007, but had more or less been iced by the rigors of the global economic downturn until the legendary KKR successfully re-launched their IPO in July of last year. Those shares having appreciated by 60% in value since then was deemed a hopeful sign.
But there were others that underpinned Apollo's optimism. Some pundits asserted that the $6.4 billion overall valuation the IPO would provide was too steep a discount gap to the KKR and Blackstone trading...
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