Heritage Insurance raised just $66 million from its initial public offering (IPO) on the New York Stock Exchange.
Pricing of its shares fell below expectations as the insurer said it will list 6 million shares at $11 per share, instead of the targeted range of $14 to $16 per share.
The underwriters have been granted an option to purchase up to 900,000 shares if desired.
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Heritage Insurance, North America, IPO