Bermudian-based Montpelier Re announced its initial public offering (IPO) of 9,524,000 common shares was priced at $20 (£12.79) per share. The company has a market cap of approximately $1.3bn.
Trading began today on the New York Stock Exchange. Montpelier has granted the underwriters an option to purchase an additional 1,428,600 common shares to cover over-allotments.
The IPO is expected to close on October 15, 2002. The net proceeds from the offering of common shares are expected to be approximately $174.6m.
The common shares are being offered by an underwriting group joint-managed by Morgan Stanley, Banc of America Securities and Credit Suisse First Boston and co-managed by JPMorgan.
Montpelier Re was launched in December 2001 with over $1bn of capital.
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