Athene raises $1.1bn from IPO
Bermuda-based Athene Holding, the holding company for a number of a number of life annuity insurers and reinsurers, has raised $1.1 billion from an initial public offering (IPO) that values the company at approximately $7.5 billion.
Athene, which is backed by private equity company Apollo Global Management, was formed in 2009 in response to capacity problems in the annuity market following the financial crisis.
The deal priced 27,000,000 of its Class A common shares at $40 per share. All of the Class A common shares are being sold by certain shareholders of Athene, and Athene will not receive any proceeds from the IPO.
The underwriters have a 30-day option to purchase up to an additional 4,050,000 Class A common shares from certain of the selling shareholders at the IPO price of $40 per share, less the underwriting discount.
Athene’s Class A common shares started trading on the New York Stock Exchange on December 9, 2016 under the symbol ATH.
The closing of the offering is expected to occur on December 14, 2016, subject to satisfaction of customary closing conditions.
Goldman, Sachs & Co., Barclays, Citigroup and Wells Fargo Securities were joint bookrunners of the offering and representatives of the underwriters.
Athene, through its subsidiaries, is a retirement services company that issues, reinsures and acquires retirement savings products.
