P10 Announces Launch of its Initial Public Offering

Rhea-AI Summary

P10, Inc. has announced plans to begin its initial public offering (IPO) roadshow, aiming to offer 20 million shares of Class A common stock. This includes 11.5 million shares from P10 and 8.5 million from existing stockholders. The anticipated IPO price is between $14 and $16 per share, following a 0.7-for-1 reverse stock split. P10 has filed a registration statement with the SEC and has applied to list its shares on the NYSE under the ticker symbol 'PX.' Major underwriters include Morgan Stanley and J.P. Morgan.

Positive

• P10 plans to offer 20 million shares in its IPO, enhancing its capital position.
• The offering includes 11.5 million shares from P10, indicating company confidence.
• Expected IPO price range of $14-$16 could attract investor interest.

Negative

• 8.5 million shares sold by existing stockholders may lead to market dilution.
• The need for a reverse stock split could signal prior stock performance issues.

DALLAS, Oct. 12, 2021 (GLOBE NEWSWIRE) -- P10, Inc. (“P10”), a leading private markets solutions provider, announced today that it plans to commence the roadshow for its initial public offering.

P10 has filed a registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”) to offer 20,000,000 shares of its Class A common stock to the public. The offering consists of 11,500,000 shares of Class A common stock offered by P10 and 8,500,000 shares of Class A common stock to be sold by certain stockholders of P10. The underwriters will have a 30-day option to purchase from the selling stockholders up to an additional 3,000,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. P10 will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders. The initial public offering price is expected to be between $14.00 and $16.00 per share (after a 0.7-for-1 reverse stock split as described below). P10 has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “PX.”

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

Immediately prior to the consummation of the offering, P10 Holdings, Inc. will consummate a reorganization pursuant to which a reverse stock split of 0.7-for-1 will be effected, immediately following which holders of P10 Holdings, Inc. (split adjusted) common stock will receive an equivalent number of shares of Class B common stock of P10, and P10 Holdings, Inc. will become a wholly-owned subsidiary of P10. Such Class B common stock of P10 has super voting rights and automatically converts into Class A common stock upon a sale of such shares of Class B common stock. The expected initial public offering price provided above is calculated after giving effect to the reverse stock split at P10 Holdings, Inc.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at barclaysprospectus@broadridge.com or by telephone at 1-888-603-5847.

A registration statement on Form S-1 relating to the proposed sale of these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About P10

P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of June 30, 2021, P10 has a global investor base of over 2,400 investors, across 46 states, 29 countries and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions and financial institutions.

Ownership Limitations

P10’s Certificate of Incorporation will contain certain provisions for the protection of tax benefits relating to P10’s net operating losses. Such provisions generally void transfers of shares that would result in the creation of a new 4.99% shareholder or result in an existing 4.99% shareholder acquiring additional shares of P10.

FAQ

What is the expected IPO price range for P10, Inc. (PIOE)?

The expected IPO price for P10, Inc. is between $14.00 and $16.00 per share.

How many shares is P10, Inc. offering in its IPO?

P10, Inc. plans to offer a total of 20 million shares in its IPO.

What is the reverse stock split ratio for P10, Inc. before its IPO?

P10, Inc. will implement a reverse stock split at a 0.7-for-1 ratio prior to the IPO.

Who are the lead underwriters for P10, Inc.'s IPO?

Morgan Stanley, J.P. Morgan, and Barclays are the lead underwriters for P10, Inc.'s IPO.