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Newest Member of the NYSE-Ares Management LP

The IPO wave continues onwards with Ares Management LP (NYSE:ARES). The private equity debt financing firm will begin trading on the NYSE today. As a result of weak demand, the shares were price below the expected range of $21 to $23 a share. The shares were priced at $19 and raised $216 million. At the current IPO price, the company has a market cap of $4 billion. Ares initially intended to sell 18.2 million shares, but settled on 11.4 million shares because of the less than debut of recent IPOs. Ares has $74 billion in assets under management. Currently, shares are not faring well.