(Reuters) – Fidelis Insurance Holdings Ltd. listed a $1.5 billion valuation on Thursday after shares of the reinsurer fell 6.4% on debut.
The company joins a list of companies that have gone public this year as the IPO market picks up steam after a tumultuous 2022 that forced many private companies to halt their IPO plans.
Along with some of its shareholders, the Bermuda-based company sold 15 million shares at $14 each to raise $210 million in its initial public offering.
The company’s shares opened at $13.10 per share, compared to the offer price of $14 each.
“Raising money now in the primary (market) is very important to us, allows us to take additional opportunities in a very shifted market,”; said Fidelis Insurance CEO Dan Burrows.
Headquartered in Bermuda, the company is a global provider of specialty insurance and reinsurance products.
JPMorgan Chase & Co., Barclays and Jefferies International Ltd. acted as joint lead bookrunning managers for the offering.