Fifth Street Asset Management prices IPO at $17

Fifth Street Asset Management, a credit-focused alternative asset manager with $5.6 billion in AUM, raised $102 million by offering 6 million shares at $17, as expected. The company had originally planned to raise $200 million by offering 8 million shares at $24 to $26 before pulling the deal last week and significantly cutting the valuation earlier this week. Fifth Street Asset Management plans to list on the NASDAQ under the symbol FSAM. Fifth Street Asset Management initially filed confidentially on 7/23/2014. Morgan Stanley, J.P. Morgan, Goldman Sachs, RBC Capital Markets, Credit Suisse, SMBC Nikko, Deutsche Bank, Barclays and UBS Investment Bank acted as lead managers on the deal.