Presidio Files for IPO
23 November 2016 - 4:20AM
Dow Jones News
Presidio Holdings Inc. filed for an initial public offering
Tuesday, bringing the information-technology services firm nearer
to a public debut during the slowest IPO market since the financial
crisis.
As is typical in an initial IPO filing, the company didn't set a
per-share offering price, but people familiar with the matter
expect the IPO to value it at as much as $3 billion total,
including debt.
Presidio, owned by private-equity firm Apollo Global Management
LLC, provides technology consulting, purchasing and support
services to businesses. Apollo bought the company from American
Securities LLC, another private-equity firm, in February 2015 and
has since helped it grow through acquisitions.
Following the IPO, Investment funds affiliated with or managed
by Apollo will continue to own a majority of the voting power the
company's stock, according to a filing.
So far this year, 104 companies have gone public in the U.S.
raising $22 billion, the lowest dollar volume in any comparable
period since 2003, according to Dealogic.
Write to Anne Steele at Anne.Steele@wsj.com and Matt Jarzemsky
at matthew.jarzemsky@wsj.com
(END) Dow Jones Newswires
November 22, 2016 12:05 ET (17:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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