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Victory Capital prices IPO

Victory Capital Holdings Inc. priced its IPO of 11.7 million class A common shares at a public offering price of $13 per share.

The company has also granted the underwriters a 30-day option to purchase up to an additional 1,755,000 class A common shares at the IPO price, less underwriting discounts and commissions.

Victory Capital is a multi-boutique investment management firm that provides marketing and distribution infrastructure to a network of largely autonomous, independently branded franchise investment managers. The company has about $59.0 billion in assets under management.

S&P Global Market Intelligence calculates a gross offering size of approximately $174.9 million based on the IPO price and assuming that the underwriters will exercise their option in full.

Victory Capital is backed by middle-market focused private equity firm Crestview Partners LP, which participated in Victory Capital's 2013 management-led buyout from KeyCorp, and Reverence Capital Partners LP, which made its initial investment in Victory Capital in 2014 in connection with Victory Capital's acquisition of Munder Capital Management.

The offering is expected to close on or about Feb. 12. The shares are expected to begin trading on the Nasdaq Global Select Market on Feb. 8, under the ticker symbol VCTR.

J.P. Morgan, Bank of America Merrill Lynch and Morgan Stanley are serving as joint lead book-running managers and as representatives of the underwriters for the offering. Barclays, Goldman Sachs & Co. LLC and RBC Capital Markets are also acting as joint book-running managers for the offering. Keefe Bruyette & Woods, William Blair and Sandler O'Neill & Partners LP are acting as co-managers for the offering.