Cayman Islands-based reinsurer Greenlight Capital Re, Ltd. officially launched its initial public offering of 10,250,000 Class A Ordinary Shares priced at $19.00 per share. Substantially all of the net proceeds of the IPO will be used to “increase the underwriting capacity of the company’s reinsurance operations,” said the bulletin.
Greenlight Re also granted the underwriters an option to purchase up to an additional 1,537,500 Class A Ordinary Shares at the initial public offering price to cover allotments, if any.
Greenlight Re is an offshoot of the hedge fund manager David Einhorn, who oversees the approximately $4 billion invested in Greenlight Capital. The reinsurer was established in 2004; it started underwriting activities in 2006, and announced the present IPO in January.
The Company’s Class A Ordinary Shares will begin trading today on the NASDAQ Exchange under the symbol GLRE. The offering is expected to close on or about May 30, 2007.
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