Fidelis prices secondary offering
Fidelis Insurance Holdings has priced a secondary offering of 9 million shares at $16 a share, with the sale expected to close on Tuesday.
Bermuda-registered Fidelis said all of the shares were being sold by existing shareholders.
Fidelis, led by chief executive officer Dan Burrows, held an initial public offering last July when it sold 7.1 million of its own shares with existing shareholders selling a further 7.8 million shares. That offering was valued at $14 per share.
In connection with the Offering, the Selling Shareholders have also granted the underwriters a 30-day option to purchase up to an additional 1.3 million shares of FIHL.
The offering is expected to close on May 28, 2024, subject to customary closing conditions.
Fidelis shares reached a record high of $20.03 on April 29 and closed yesterday at $16.31.
Barclays, JP Morgan, and Goldman Sachs & Co. LLC are acting as Joint Lead Bookrunning Managers for the Offering. Evercore ISI, Citigroup, BMO Capital Markets, Keefe, Bruyette & Woods, A Stifel Company and UBS Investment Bank are acting as Joint Bookrunning Managers for the Offering. Citizens JMP and Dowling & Partners Securities, LLC are acting as Co-Managers for the Offering.
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