Fifth street asset manacement, the alternative asset manager led by politically active former Merrill Lynch equity analyst Leonard Tannenbaum, braved a tough new-issue market by launching a US$208m IPO that will see the bulk of the proceeds paid to Tannebaum himself. Fifth Street last week set terms for an offering of 8m Class A shares at US$24-$26, representing 16% of Class A and B shares outstanding and valuing the company at US$1.3bn, assuming top-end pricing. The deal is expected to price after the market close on Tuesday October 21.
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