Alabama-based Vesta Insurance Group Inc. announced that the initial public offering of 8,170,000 shares of Affirmative Insurance Holdings Inc. (Affirmative) was priced at $14 per share.
Of the shares being sold in the offering, 3,750,000 are being offered by Vesta’s insurance subsidiaries and 4,420,000 by Affirmative. In
addition, the underwriters have been granted a 30-day over-allotment option to purchase up to 663,000 additional shares from Affirmative and 562,500 from Vesta at the offering price.
Affirmative’s common stock has been approved for listing on the Nasdaq National Market under the symbol “AFFM” and was scheduled to begin trading on Friday, July 9. Vesta will receive approximately $48.8 million in proceeds and will beneficially own approximately 48.1% of Affirmative after the offering, before the exercise of the underwriters’ over-allotment option.
Piper Jaffray is serving as lead manager and sole book-runner.
Co-managers for the offering are William Blair & Company, Sandler O’Neill & Partners, and Raymond James.
Was this article valuable?
Here are more articles you may enjoy.
Changes at American Coastal Insurance After Florida OIR Action on ‘No-Fly List’ 
Scientists Concerned That a Bird Flu Pandemic Is ‘Unfolding in Slow Motion’ 
‘Extremely Dangerous’ Hurricane Beryl Takes Aim at Caribbean 
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P 
