Reuters logo
Annuity provider Athene's IPO priced in line with expectations
December 9, 2016 / 1:32 AM / in a year

Annuity provider Athene's IPO priced in line with expectations

(Reuters) - (Story corrects valuation figure in paragraph 1 to “about $7.55 billion” from “about $7.41 billion”; in paragraph 5, removes reference to company’s use of proceeds from the IPO. Athene will not receive any proceeds from the offering.)

Fixed annuity service provider Athene Holding Ltd (ATH.N) said its initial public offering of 27 million class A shares raised $1.1 billion after the offering was priced in the mid-point of its expected range, valuing the company at about $7.55 billion.

Athene, which is backed by private equity firm Apollo Global Management LLC (APO.N), said the shares were priced at $40 each. The company had expected the IPO to be priced at between $38 and $42 per share.

    Formed in 2009 to buy assets from insurers battered by the financial crisis, Athene’s IPO could capitalize on the post U.S. election rally of global financial stocks.

    For the nine months ended Sept. 30, the company reported total revenue of $3.05 billion, a 93.8 percent jump from a year earlier.

    The company will make its market debut on the New York Stock Exchange on Friday under the symbol “ATH”.

    Goldman Sachs Group, Barclays Plc, Citigroup and Wells Fargo were the underwriters for the offering.

    Reporting by Diptendu Lahiri in Bengaluru; additional reporting by Parikshit Mishra; Editing by Lisa Shumaker

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below