Fidelis: Closing Of Initial Public Offering
Fidelis Insurance Holdings announced the closing of its initial public offering.
A spokesperson said, “Fidelis Insurance Holdings Limited, a global [re]insurance company, headquartered in Bermuda with offices in Ireland and the United Kingdom [Company], announced the closing of its initial public offering of an aggregate of 15,000,000 common shares, including 7,142,857 common shares sold by the Company and 7,857,143 common shares sold by certain selling shareholders, at a price to the public of $14.00 per share. The common shares began trading on the New York Stock Exchange on June 29, 2023 under the ticker symbol ‘FIHL’.
“The net proceeds from the offering to the Company, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $89,400,000. The Company intends to use the net proceeds it receives from the offering to make capital contributions to its insurance operating subsidiaries, which, together with other sources of liquidity, should enable the Company to take advantage of the ongoing rate hardening in the key markets in which it participates by writing more business under its planned strategy. The Company did not receive any of the proceeds from the sale of its common shares by the selling shareholders.
“In addition, the underwriters have been granted a 30-day option to buy up to an additional 2,250,000 common shares from the selling shareholders at the initial public offering price, less underwriting discounts and commissions.”
