Benfield, the Bermuda-based reinsurance broker, formerly headquartered in London, priced its initial public share offering at 260 pence ($4.30), toward the high end of its expected range, but there was reportedly a strong demand for the shares from British, American and European institutional investors.
A report from Dow Jones Newswires indicated that it was the largest IPO on the London Stock Exchange this year, and would net Benfield 拢98.8 million ($163.4 million), which it intends to use to pay down debt.
The shares were up 14 percent in early morning trading at 285 pence ($4.71). Fully unconditional sales are expected to begin next Wednesday, June 18.
Was this article valuable?
Here are more articles you may enjoy.
Florida Mobile Home Insurance Market Still Struggling With Premiums, Coverage 
Marsh Aims to Be ‘AI Winner’ by Focusing on Gains in Growth, Productivity, Efficiency 
Electric Bills in Coal Country West Virginia Now Top Mortgage Payments 
Mustard Maker Caught Pumping Pollutants Into River for Years and Lying About It 
