Pzena to Offer 6.4 Million Shares in IPO

In a filing with the Securities and Exchange Commission, the company did not disclose an expected price range for the offering.

The New York-based company plans to use the proceeds of the offering to acquire the membership units held by one former employee and two outside investors. These membership units will be reclassified as Class A units. After the offering, Pzena will own approximately 10 percent of the total membership units. The remaining 90 percent of the membership units will be held by its 23 current employees and reclassified as Class B units.

According to the filing, Pzena manages roughly $30.6 billion across a wide range of investments on behalf of institutions, high net worth individuals and third-party distributed mutual funds.

For the three months ended June 30, the company reported net income of $26 million, compared with a loss of $14.5 million the year-ago period. Revenue for the quarter reached $36.8 million, up from $27.2 million the same period a year earlier.

Pzena founder and co-chief investment officer Rick Pzena recently opposed billionaire investor Carl Icahn's $2.9 billion buyout bid for automotive supplier Lear Corp. Pzena Investment is Lear's second-largest shareholder after Icahn.

Goldman, Sachs & Co., Banc of America Securities LLC and UBS Investment Bank are listed as the underwriters for the offering. The underwriters have been granted the option to purchase up to an additional 960,568 shares of Class A common stock to cover any overallotments.

Pzena plans to list its shares on the New York Stock Exchange under the symbol "PZN."