Apollo’s Aspen Insurance Raises $397.5 Million in US IPO

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Aspen Insurance priced its New York initial public offering within its marketed range on Wednesday, raising $397.5 million for the Bermuda-based specialty insurer.

The Apollo Global Management-owned insurer sold 13.25 million shares at $30 apiece, compared with its targeted range of $29 to $31 per share.

The IPO valued the insurer at about $2.76 billion ahead of its trading debut, which comes amid market uncertainty and heightened recession fears from U.S. President Donald Trump’s erratic trade policy.

However, investor sentiment improved as stock markets have regained some stability in recent days on signs of easing trade tensions, creating a more favorable environment for IPOs.

Founded in 2002, Aspen underwrites specialty insurance and reinsurance globally.

The company first went public on the New York Stock Exchange in 2003, followed by a secondary listing on the Bermuda Stock Exchange in 2004.

Its ordinary shares traded on the NYSE and the BSX until 2019, when Apollo acquired it for $2.60 billion.

Apollo will remain Aspen’s controlling shareholder post-IPO.

Aspen will start trading on the New York Stock Exchange on Thursday under the ticker symbol “AHL.”

Goldman Sachs, Citigroup and Jefferies are the lead underwriters.