Fidelis closes secondary offering
Specialty insurer Fidelis Insurance Group has closed its secondary public offering of 9 million shares by its shareholders at $16 a share.
In addition, the offering's underwriters exercised their option to purchase an additional 1.35 million shares from the selling shareholders, also at $16 per share, less underwriting discounts and commissions.
That meant the selling shareholders received up to $165.6 million from the sale.
Barclays, J.P. Morgan, and Goldman Sachs & Co. LLC were Joint Lead Bookrunning Managers for the Offering. Evercore ISI, Citigroup, BMO Capital Markets, Keefe, Bruyette & Woods, A Stifel Company and UBS Investment Bank were Joint Bookrunning Managers and Citizens JMP and Dowling & Partners Securities were co-managers for the offering.
Bermuda-based Fidelis, led by CEO Dan Burrows, sold 7.1 million of its own shares at $14 each while shareholders sold a further 7.8 million shares fpr the same price in the company's IPO last July.
Fidelis shares closed at $15.78 yesterday and reached an all-time high of $20.03 in April.
