P10 Announces Pricing of its Initial Public Offering

Rhea-AI Summary

P10, a leader in private markets solutions, announced the pricing of its initial public offering (IPO) of 20 million shares at $12.00 each. P10 will sell 11.5 million shares, while stockholders will sell 8.5 million shares. The underwriters have a 30-day option to purchase 3 million additional shares. Trading is set to begin on October 21, 2021, under the ticker symbol 'PX.' A reverse stock split was also executed, resulting in P10 Holdings becoming a wholly-owned subsidiary. The IPO is expected to close around October 25, 2021.

Positive

• Initial public offering priced at $12.00 per share, offering potential for investor engagement.
• Total offering includes options for underwriters to purchase additional shares, providing liquidity.

Negative

• Stockholders' sale of 8.5 million shares may lead to dilution for existing shareholders.
• Reverse stock split could be perceived negatively as a sign of financial restructuring challenges.

DALLAS, Oct. 20, 2021 (GLOBE NEWSWIRE) -- P10, Inc. (“P10”), a leading private markets solutions provider, today announced the pricing of its initial public offering of 20,000,000 shares of its Class A common stock at a price to the public of $12.00 per share. 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 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.

P10’s Class A common stock is expected to begin trading on the New York Stock Exchange on Thursday, October 21, 2021, under the ticker symbol “PX.” The offering is expected to close on or about October 25, 2021, subject to the satisfaction of customary closing conditions.

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.

In conjunction with the pricing of P10’s initial public offering, P10 Holdings, Inc. (“P10 Holdings”) and P10 consummated a reorganization, pursuant to which P10 Holdings effected a reverse stock split of its outstanding shares of common stock on a 0.7-for-1 basis and the split-adjusted common stock of P10 Holdings was automatically exchanged for an equivalent number of shares of Class B common stock of P10. P10 Holdings became a wholly-owned subsidiary of P10, and trading of P10 Holdings on the OTC Pink Open Market terminated.

A registration statement on Form S-1 relating to the offering was declared effective by the Securities and Exchange Commission on October 20, 2021. The offering is being made only by means of a prospectus. Copies of the 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

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 contains 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 price of P10's initial public offering?

The IPO is priced at $12.00 per share.

When will P10's shares begin trading?

Trading is expected to begin on October 21, 2021.

How many shares are being offered in P10's IPO?

A total of 20 million shares are being offered.

What is the purpose of P10's IPO?

The IPO aims to enhance liquidity and expand investor access to P10's private markets solutions.

What is the ticker symbol for P10?

The ticker symbol for P10 is 'PX'.