(Reuters) -Aspen Insurance priced its New York initial public offering within its marketed 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 […]
Business
Apollo’s Aspen Insurance raises $397.5 million in US IPO
Audio By Carbonatix
(Reuters) -Aspen Insurance priced its New York initial public offering within its marketed 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, which comes amid market uncertainty and heightened recession fears from U.S. President Donald Trump’s erratic trade policy.
However, investor sentiment improved as stock markets have regained some stability in recent days on signs of easing trade tensions, creating a more favorable environment for IPOs.
(Reporting by Prakhar Srivastava and Chandni Shah in Bengaluru; Editing by Alan Barona)