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Third Point Re IPO price range set at $12.50-$14.50/shr
August 5, 2013 / 11:20 AM / 4 years ago

Third Point Re IPO price range set at $12.50-$14.50/shr

Aug 5 (Reuters) - Reinsurer Third Point Re, controlled by billionaire hedge fund manager Dan Loeb, is set to raise up to $322 million from its IPO after the company said the offering was expected to be priced at between $12.50 and $14.50 per share.

Third Point will sell 21.5 million of the 22.2 million shares on offer, with the rest being sold by other shareholders, the company said in a filing with the U.S. Securities and Exchange Commission on Monday. ()

The company last week raised its proposed IPO size to $345 million from $250 million.

Third Point LLC launched its reinsurer arm last year with $750 million in capital. The reinsurer is led by John Berger, the former CEO of Alterra Capital Holding Ltd’s reinsurance business.

JPMorgan, Credit Suisse, Morgan Stanley, BofA Merrill Lynch and Citigroup are underwriting the IPO.

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