Markets
U.S. open in 33 hrs, 47 mins
BUSINESS NEWS
- Market News
- Earnings
- Recalls
- Recession Watch
- Tech News
- Financial Crisis
- Madoff Scandal
- BloggingStocks
- Luxist
- Money Videos
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Currencies
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
PERSONAL FINANCE AT WALLETPOP
- Bargains
- Banking
- Budget
- Calculators
- College Finance
- Community
- Credit
- Deals
- Debt
- Economizer
- Food
- Home
- Fraud
- Insurance
- Interest Rates
- Loans
- Mortgages
- Real Estate
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
SMALL BUSINESS
Imperial Capital plans to raise $150M in IPO
AP
NEW YORK -Investment bank Imperial Capital Group Inc. said late Wednesday it filed for an initial public offering to raise as much as $150 million by selling common stock.
The broker-dealer sells and trades debt, stocks and other securities for clients and provides debt and equity financing and mergers and acquisitions advice. It also publishes research on companies in 14 industry sectors.
The Los Angeles bank, founded in 1997, intends to use an undisclosed portion of the proceeds to buy partnership shares from the holding company controlled by CEO and chairman Jason Reese and president Randall Wooster, the company said in a filing with the Securities and Exchange Commission.
Wooster and Reese will own the majority of Class B common stock, controlling all matters requiring shareholder approval.
The company will use remaining proceeds to repay the outstanding balance on a credit line and for general corporate purposes.
Bank of America Merrill Lynch, JMP Securities and Imperial Capital are managing the offering.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-22 07:38:41
COMMENTS ( 0 )
Latest Money News
CNNMoney
- Talk about a low interest rate: U.S. Treasury borrows $44 billion for less than 1%
- Google set to map the world - and push out GPS makers as a result?
- Washington Mutual gave a mortgage to O.J. Simpson
- Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
- Deere up on Q4 earnings performance