New York, May 7 (Reuters) – Aspen Insurance, a Bermuda-based specialty insurer, successfully priced its initial public offering (IPO) in New York, raising $397.5 million. The insurer, owned by Apollo Global Management, sold 13.25 million shares at $30 each, within its targeted price range of $29 to $31 per share.
The IPO valued Aspen at approximately $2.76 billion ahead of its debut on the New York Stock Exchange (NYSE). The offering comes at a time of market uncertainty, with concerns over a potential recession exacerbated by U.S. President Donald Trump’s unpredictable trade policies. Despite these challenges, investor sentiment improved in recent days as stock markets stabilized and trade tensions showed signs of easing, creating a more favorable environment for IPOs.
Founded in 2002, Aspen specializes in underwriting insurance and reinsurance globally. The company initially went public in 2003 on the NYSE and later added a secondary listing on the Bermuda Stock Exchange in 2004. Aspen’s shares traded on both exchanges until 2019, when Apollo acquired the insurer for $2.60 billion.
Following the IPO, Apollo will continue as Aspen’s controlling shareholder. Aspen’s shares are set to begin trading on the NYSE under the ticker symbol “AHL” on Thursday.
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