Old Mutual has launched the initial public offering (IPO) for its US subsidiary, OM Asset Management Limited.
The company plans to sell 22 million which is equal to 18.3% of OM Asset Management’s ordinary shares at a price per share ranging from $15 to $17.
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Moreover, the group has approved a 30-day over-allotment option to underwriters to purchase up to an additional 3.3 million shares.
The offering is being made through BofA Merrill Lynch, Morgan Stanley & Co. , Citigroup, and Credit Suisse Securities (USA).
OM Asset Management is the holding company for Old Mutual’s asset management company in the US, and includes about $215bn of assets under management as of 30 June 2014.
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