Investment company StepStone to offer 17.5 million shares in planned IPO

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Investment company StepStone Group set terms for its initial public offering on Wednesday, with plans to offer 17.5 million shares, priced at $15 to $17 each. The company has applied to list on Nasdaq under the ticker “STEP.” J.P. Morgan, Goldman Sachs, Morgan Stanley, Barclays and UBS are underwriting the deal. Proceeds will be used to purchase Class B units from its Partnership’s unitholders, and to repay debt. “We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients,” says the company’s prospectus.
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