Hamilton Lane issues IPO price range

Proceeds from the transaction will be mainly used to buy out existing owners, purchase new membership units and to repay debt.

Hamilton Lane has unveiled terms for its initial public offering, indicating it intends to sell 11.9 million shares of common stocks at an estimated pricing range of $15 to $17 a share, according to an updated filing with the Securities and Exchange Commission on Thursday.

The private asset manager and advisor filed for an IPO last month, announcing it would sell Class A common stock on the NASDAQ stock exchange.

“We intend to use a portion of the net proceeds of this offering to purchase membership unit in Hamilton Lane Advisors from certain of its existing owners, and the remaining net proceeds to purchase newly-issued membership units in Hamilton Lane Advisors,” the company wrote in its amended S1 filing.

“We expect Hamilton Lane Advisors to use these proceeds to repay indebtedness and for general corporate purposes.”

According to the filing, about $37.2 million of the net proceeds will be used to purchase shares from some existing owners, while about $133.5 million will be used to repay debt.

Pennsylvania-based Hamilton Lane offers customised separate accounts, specialised funds, advisory services, distribution management services, and reporting monitoring data and analytics services. It had about $57 million in net income on about $180 million in revenue in the year ended 31 March, according to the filing.

Hamilton Lane has about $40 billion of assets under management and about $274 billion of assets under advisement. It has 280 employees, including more than 90 investment professionals operating 11 offices.

Its client and investor base included more than 350 institutions and intermediaries as of 30 September.

Hamilton Lane is currently owned by an investor group, members of management and current and former employees. Mario Giannini has been chief executive since 2001.

JPMorgan and Morgan Stanley will act as joint book-running managers for the offering.