Apollo-backed Aspen set to open higher in NYSE return after upsized $398 million IPO

Bermuda-based specialty insurer Aspen Insurance's AHL.N shares set to open up to 13.3% above offer price in their New York Stock Exchange return

Stock recently indicated to open between $33 and $34 each vs $30 IPO price

Aspen parent Apollo Global Management APO.N late Wednesday sold 13.25 million shares in Aspen's upsized IPO to raise $397.5 million

Apollo had initially offered 11 million shares priced between $29 and $31 each

Aspen originally went public in 2003 and traded on the NYSE until 2019, when Apollo acquired it for $2.60 billion

At offer price, Aspen fetched a $2.76 billion valuation

Under Apollo, Aspen returned to profitability as it shrunk catastrophe exposure and exited a number of insurance and reinsurance offerings

Goldman Sachs, Citigroup and Jefferies led a 16-firm underwriting syndicate for the offering

Apollo will continue to control a majority of Aspen's voting power post-IPO