Apollo to offer $50m worth of shares in IPO

Apollo had previously announced plans to move its shares on the NYSE, but this is the first time the firm has proposed offering shares in the listing, which would amount to only a small percentage of the company.

Apollo plans to use the proceeds from the offering to fund growth initiatives.

The private equity firm initially filed for an IPO in April 2008 before the downturn and relaunched its plans last November. Founder Leon Black has said he hopes to list by the end of Q1 this year. Apollo's listing would follow those of its peers including rival Blackstone, who went public in 2007, and KKR who filed for its NYSE listing earlier this month.

Apollo has $53.6bn of assets under management. The firm reported economic net income of $581m last year, compared to a loss of $611m the previous year.

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