Apollo’s Aspen Insurance Raises $397.5 Million in US IPO
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.
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.
Founded in 2002, Aspen underwrites specialty insurance and reinsurance globally.
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 traded 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 Thursday under the ticker symbol “AHL.”
Goldman Sachs, Citigroup and Jefferies are the lead underwriters.
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