P10 (PX) IPO Opens Flat, Valuing Stock at ~$1.2 Billion

Today's IPO for P10, Inc. (NYSE: PX) opened for trading at $12.02 after pricing 20,000,000 shares of its Class A common stock at a price to the public of $12.00 per share, below the expected $14-$16 range. Of the offered shares, 11,500,000 shares of Class A common stock are being sold by P10 and 8,500,000 shares of Class A common stock are being sold by certain stockholders of P10.

The valuation based on the opening price is approximately $1.17 billion.

Morgan Stanley, J.P. Morgan and Barclays are acting as lead book-running managers for the Offering. UBS Investment Bank, Keefe, Bruyette & Woods, a Stifel Company, Oppenheimer and Stephens, Inc. are acting as book-running managers, and East West Markets is acting as co-manager for the offering.

P10 saw its Q2 revenues soar 120% on the back of the higher management fees, which increased by $18.2 million to $33.5 million. The company generates revenues primarily from management fees and advisory contracts, and other consulting arrangements and services.

P10 is an alternative investment company.

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