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 £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.
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