Automobile insurance provider Safety Insurance Group Inc. raised the amount of shares in its initial public offering to 6 million and lowered the price range to $13 to $14 each, according to an amended Securities and Exchange Commission filing.
The Boston-based firm had planned to sell 5 million shares at between $16 and $18 each, according to previous filings. The initial public stock sale will be co-managed by Credit Suisse First Boston and Jefferies & Co.
In the amended prospectus filed on Tuesday, the undewriters’ option to buy was raised to 900,000 shares from 750,000 extra shares. About 13.8 million shares will remain outstanding after the offering. The firm also said its stock had been approved to list on the Nasdaq under the symbol SAFT.
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