Hilton Grand Vacations (HGV) said Tuesday certain entities managed by affiliates of Apollo Global Management are offering 5 million shares of the company's common stock in a secondary public offering, with underwriters holding a 30-day option to purchase an additional 750,000 shares.

HGV will not sell any shares or receive any proceeds from the offering, but has authorized the concurrent repurchase of up to 750,000 shares from the underwriters, not to exceed $40 million, the company said.

Wells Fargo Securities is acting as lead book-running manager, according to the statement.