Hamilton prices IPO shares
Hamilton Insurance Group has announced today the pricing of its initial public offering at $15 a share, which is below the $16-$18 range originally suggested.
The offering consists of 6,250,000 Class B common shares offered by the company and 8,750,000 Class B common shares offered by certain of the company’s current shareholders.
In addition, the underwriters have been granted a 30-day option to buy up to an additional 2,250,000 Class B common shares from the selling shareholders at the initial public offering price, less underwriting discounts and commissions.
The Class B common shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “HG” on November 10, 2023. The offering is expected to close on or about November 14, 2023, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds it receives from the offering to make capital contributions to its insurance and reinsurance operating subsidiaries for use by its three operating platforms.
It said this should enable it to take advantage of ongoing favorable market conditions in the markets in which the company operates by writing more business pursuant to its strategy. The company will not receive any proceeds from the sale of its Class B common shares by the selling shareholders.