Aspen closes up 8% on first day of trading after IPO

By Michael Loney

May 8 - (The Insurer) - Aspen Insurance Holdings Limited’s share price closed up 8.3% on its first day of trading following its initial public offering, while American Integrity Insurance Group closed up 5.6% on its market debut.

Both companies began trading on the New York Stock Exchange on Thursday.

Aspen priced its upsized IPO of 13.25 million shares at $30 a piece, raising $397.5 million for Apollo, which had acquired the Bermudian (re)insurer in 2019.

Trading under the ticker symbol “AHL”, Aspen’s share price closed at $32.50 on Thursday. It had reached a high of $34.00 during the day.

The IPO underwriters have a 30-day option to purchase up to an additional 1,987,500 ordinary shares.

Florida carrier American Integrity priced its IPO of 6.875 million shares at $16 per share, floating under the “AII” ticker.

The Tampa-based company’s share price closed at $16.90 on Thursday, having reached as high as $19.45 at the start of its trading.

The offering consists of 6.25 million shares of common stock sold by American Integrity and 625,000 shares sold by existing stockholders.

Certain of American Integrity’s existing stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,031,250 shares of common stock at the offering price.