Hamilton Insurance Group Ltd. late Thursday priced its initial public offering at $15 a share, below the $16 to $18 price range it indicated earlier this month.
The Bermuda-based insurer and reinsurer said it will offer 6,250,000 Class B shares and 8,750,000 would be offered by other shareholders. If underwriters take up a 30-day option to buy a further 2,250,000 shares, the company and shareholders would raise $258.8 million from the IPO.
Hamilton said in a statement it will use the funds to add capital to its operating units.
“This should enable the company to take advantage of ongoing favorable market conditions in the markets in which the company operates by writing more business pursuant to its strategy,” the statement said.
Earlier this month, Hamilton said the offering would raise about $270 million, or up $310.5 million if underwriters take up the extra shares option.
Several recent IPOs in the wider investment market have disappointed investors over the past two months.
