FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Ares Acquisition Corporation Announces Closing of Upsized $1B IPO

February 05, 2021, 07:35 AM
Filed Under: Industry News

Ares Acquisition Corporation announced the closing of its initial public offering of 87,000,000 Class A ordinary shares at a price of $10.00 per share and the sale of an additional 13,000,000 Class A ordinary shares at $10.00 per share pursuant to the underwriters’ exercise of an over-allotment option. Total gross proceeds from the offering were $1 billion before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company’s sponsor is a subsidiary of Ares Management Corporation, a leading, global alternative investment manager with approximately $179 billion of assets under management as of September 30, 2020 . The Company’s management team is led by David B. Kaplan , as Chief Executive Officer and Co-Chairman of the Board of Directors, and Michael J Arougheti as Co-Chairman of the Board of Directors.

The Company’s shares began trading on the New York Stock Exchange under the ticker symbol “AAC” on February 2, 2021 .

UBS Investment Bank and Citigroup acted as book-runners and representatives of the underwriters for this offering. Morgan Stanley and Barclays acted as book-runners, and CastleOak acted as co-manager.  

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.