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.
Was this article valuable?
Here are more articles you may enjoy.
Russian-Speaking Cybercriminals Used SpaceX’s Cursor AI Tool to Hack 7 Companies 
Judge Says Smucker’s Lawsuit Against Trader Joe’s Over Frozen PB&J Can Proceed 
Aon Acquires USI Insurance From KKR in $17 Billion Deal Targeting Middle Market 
First Half US P/C Industry Underwriting Gain Jumps to $31.7B 
