Aspen Insurance, a Bermuda-based global provider of specialty P&C insurance and reinsurance, raised $398 million by offering 13.3 million shares at $30, the midpoint of the range of $29 to $31. The company sold 20% more than the 11.0 million shares originally intended. All of the IPO shares were sold by Apollo. Aspen is coming public with a market cap of $2.8 billion. It is one of two insurers set to begin trading on Thursday, alongside American Integrity AII.
Aspen Insurance Holdings plans to list on the NYSE under the symbol AHL. Goldman Sachs, Citi, Jefferies, Apollo Global Securities, BMO Capital Markets, Deutsche Bank, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, Citizens JMP, Dowling & Partners, Natixis, Piper Sandler, and Raymond James acted as joint bookrunners on the deal.
