Aspen launches IPO with parent Apollo aiming to raise up to $341 million

By Scott Vincent

April 29 - (The Insurer) - Aspen announced the launch of its long-awaited IPO on the New York Stock Exchange on Tuesday, with the offering of 11 million shares expected to price at between $29.00 and $31.00 per share.

At the upper end of the targeted pricing range, parent Apollo Global Management would raise $341 million through the listing. The IPO would value Aspen at up to $2.85 billion.

The selling shareholders have also granted the underwriters a 30-day option to purchase up to an additional 1.65 million ordinary shares.

Goldman Sachs and Jefferies are acting as lead book-running managers for the IPO, with Aspen’s ordinary shares approved for listing under the ticker symbol AHL.

In addition, Apollo Global Securities, BMO Capital Markets, Deutsche Bank Securities, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, Citizens Capital Markets, Dowling & Partners Securities, Natixis, Piper Sandler & Co and Raymond James are acting as book-running managers

The move comes after Aspen refiled an F-1 prospectus for a potential New York IPO in December, which stated that the insurer would continue to be controlled by current owner Apollo following any offering.

The December filing highlighted that Aspen has “progressed through a comprehensive transformation of the business” since being acquired by Apollo in February 2019.

Under Apollo’s ownership, Aspen has exited 12 insurance and five reinsurance lines of business as part of the strategic repositioning of its underwriting portfolio.