StepStone Group (STEP) IPO Opens 38% Higher
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Today's IPO for StepStone Group Inc. (NASDAQ: STEP) opened for trading at $24.75 after pricing 17,500,000 shares of its Class A common stock at a public offering price of $18.00 per share.
In addition, StepStone has granted the underwriters a 30-day option to purchase up to an additional 2,625,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on or about September 18, 2020 subject to satisfaction of customary closing conditions.
J.P. Morgan, Goldman Sachs and Morgan Stanley are acting as joint book-running managers for the offering. Barclays and UBS Investment Bank are acting as passive book-runners.
StepStone is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. Its clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
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