The New York buyout shop's
latest SEC filing revealed the information as Apollo increased the number of shares it plans to
sell in its offering
by 25% to 37.3 million. Apollo, as well as Kohlberg Kravis Roberts
& Co., plans to become publicly traded companies in face of the
worst IPO market in over a decade, while trying to navigate a business
climate where the credit crunch has hamstrung both firms' ability
to make large leveraged buyouts. Data from Bloomberg calculates that
announced private equity deals have fallen 71% to $179.4 billion from
the same period in 2007. The decline in dealflow has hit the bottom
lines of Apollo, KKR and Blackstone Group LP hard. Apollo's losses were exceeded
by its larger rivals as
KKR lost $117.9 million in the first quarter and publicly traded Blackstone had a $156 million loss in the second quarter.
- George White
See SEC filing
See story on Apollo IPO on TheDeal.com
See Dealscape post on KKR IPO
The drive by some top-tier buyout shops to list on the New York Stock Exchange is giving outsiders a good look into how the credit crunch has roughed up the private equity industry, as Apollo Global Management LLC reported a first-quarter net loss of $96.4 million.
