Ares Management Corp. launched an underwritten public offering of 7 million class A common shares, expected to close Sept. 20.
Underwriters of the offering may be granted an option to purchase up to 1,050,000 additional shares.
Based on Ares Management's Sept. 19 closing price of $29.41 per share and including overallotments, S&P Global Market Intelligence calculates an aggregate offering size of $236.8 million.
Ares intends to use all of the net proceeds from the offering for general corporate purposes, including repayment of debt and strategic growth initiatives.
Goldman Sachs & Co. LLC and J.P. Morgan are acting as the underwriters for the offering.
