Apollo Global Management is prepping an IPO for Boca Raton, Fla.-based-based home security company ADT, as first reported by the WSJ. Registration papers could be filed in the fall, with the listing to occur before year-end.

• Why it's a big deal: This would be an incredibly quick flip. Apollo purchased ADT just 17 months ago, taking it private for $6.9 billion and then combining it with existing portfolio company Protection One (which itself was created via an Apollo-sponsored merger with ASG Security).
• Price talk: Reports suggest that Apollo is seeking an enterprise value just north of $15 billion. That figure is notable, because Apollo said the combined ADT-Protection One was worth $15 billion in a statement on the original purchase. But before you think this would be a flat return for Apollo, recall that there already was an $800 million dividend recap earlier this year.