Trading begins for Artisan Partners shares

Milwaukee-based Artisan Partners Asset Management Inc. held an initial public offering this morning with shares priced at $30 on the New York Stock Exchange. The share price quickly rose to $36.

Artisan Partners shares are trading under the ticker symbol APAM.

Artisan yesterday raised $332 million selling 11.1 million shares for $30 each, according to data compiled by Bloomberg.

Artisan planned to use $90 million of the sale’s proceeds to repay debt, $67.1 million to buy shares from early investors and $61.3 million to pay a distribution to pre-IPO partners, according to regulatory filings. The company also had said it would distribute $56.8 million to portfolio managers and $40 million to partners before today’s sale.

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