Apollo Global Delays IPO as Some See Halt in New Issues
Author: Lynn Cowan</br></br>The U.S. IPO market is likely to grind to a standstill until broader market indexes settle down amid continuing crises in the Middle East and Japan, with the delayed launch of private-equity firm Apollo Global Management LLC one early example of sputtering deal flow.</br></br>Unrest in Libya and an escalating nuclear-plant malfunctions in Japan following that country's earthquake last week have weighed on the markets, with global exchanges tumbling Tuesday, including major U.S. indexes. That isn't a welcoming environment for initial public offerings, which are considered a higher-risk security class, say investment bankers and analysts.</br></br>"These deals require a lot of stability," said Ben Holmes, president of IPO research firm Morningnotes.com.</br></br>Apollo Global Management, which had been expected to set its IPO terms such as a price range on Tuesday, instead decided to wait to see if broader markets settle down, according to people close to the deal. IPO terms are usually set a few weeks ahead of a deal's launch, so Apollo was likely aiming to go public in early April.