Safety Insurance Group Inc. of Boston announced that its initial public offering (IPO) of 6,333,334 shares, priced at $12.00 per share, began trading Nov. 22 on the Nasdaq’s National Market under the symbol “SAFT.”
The company granted its underwriters the option to purchase an additional 900,000 shares to cover over-allotments.
More than 300,000 of the shares offered are being sold by Safety directly to some of its existing stockholders at a price equal to the IPO price. The underwriters will not receive any underwriting discounts or commissions on these shares, resulting in proceeds to Safety of $4,000,008.
The IPO is expected to close on November 27, 2002. The net proceeds from the offering of common shares are expected to be approximately $72.7 million. The offering was lead-managed by Credit Suisse First Boston and co-managed by Jefferies & Company, Inc.
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