Offering watch: Apollo vs. KKR

Both Kohlberg Kravis Roberts and Apollo Management made headlines when news broke that they were going public after all. They're not abut to stage traditional IPOs. Both will manage to list themselves without selling shares to new investors. Breakingviews notes Apollo is re-listing its private shares, now on GSTrUE, on the NYSE, while KKR will sort of reverse merge with its Amsterdam-listed affiliate and then re-list on the NYSE. Breakingviews gives KKR the nod, noting that affiliate shareholders will get a nice premium for their shares, which may make them more likely to hang onto the stock. But in both cases, eventually the stock will rise and fall with results and expectations. Both could face an embarrassing after-market situation, not unlike the Blackstone Group.

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