Virtus Investment Partners Prices Stock Offering
Following the announcement on Sept. 9 of its intention to raise as much as $175 million via a common stock offering, Virtus Investment Partners said today it would sell 1,129,032 shares of stock to the public at a price of $155 per share.
Virtus stock closed at $166.12 a share on Sept. 11, and the company had 7.8 million shares outstanding as of the end of Q2, 2013. The stock closed at $175.18 on Sept. 6.
Net of expenses associated with the stock offering, Virtus said it should garner approximately $166.3 million from the sales, excluding the underwriters' 30-day option to purchase up to an additional 169,354 additional shares. Net proceeds will be used to "expand its seed capital program for new investment strategies and funds; invest in other growth opportunities; and for general corporate purposes."
The stock offering is expected to close on or about Sept. 17.
The article Virtus Investment Partners Prices Stock Offering originally appeared on Fool.com.Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.