Aspen Insurance priced its New York initial public offering within its market
ed range on Wednesday, raising $397.5 million for the Bermuda-based specialty insurer.
The Apollo Global Management-owned insurer sold 13.25 million shares at
$30 apiece, compared with its targeted range of $29 to $31 per share.
The IPO valued the insurer at about $2.76 billion ahead of its trading debut, whic
h comes amid market uncertainty and heightened recession fears from U.S. Pre
sident Donald Trump’s erratic trade policy.
However, investor sentiment improved as stock markets have regained some
stability in recent day
s on signs of easing trade tensions, creating a more favorable environment for IPOs.
Founded in 2002,
Aspen underwrites specialty insurance and reinsurance globally.
See more beautiful photo albums Here >>>
The company first went public on the New York Stock Exchange in 2003,
followed by a secondary listing on the Bermuda Stock Exchange in 2004.
Its ordinary shares tr
aded on the NYSE and the BSX until 2019, when Apollo acquired it for $2.60 billion.
Apollo will remain Aspen’s controlling shareholder post-IPO.
Aspen will start trading on the New York Stock Exchange on Thursda
y under the ticker symbol “AHL.”
Goldman Sachs, Citigroup and Jefferies are the lead underwriters.