- Richard Drew/AP
Public trading in the third-largest initial public offering of 2016 started out strong on Friday.
Shares of Athene Holding, an insurer backed by the private-equity firm Apollo Global Management, gained 9% in their trading debut on the New York Stock Exchange.
Athene was founded in 2009 to buy assets from insurers that were torn down by the financial crisis. It provides retirement-savings products.
The stock had been priced at $40 a share, the midpoint of the expected range of $38 to $42, and opened at $43.56. It is trading with the symbol ATH.
The company had raised $1.1 billion in an initial offering of 27 million class A shares. With 186 million shares outstanding, the company was valued at roughly $7.5 billion.
Goldman Sachs, Citigroup, Wells Fargo, and Barclays were the underwriters for the deal.
The online hotel-search company Trivago is expected to debut its shares for public trading in the coming weeks, possibly jump-starting tech dealmaking next year after a sluggish 2016. The company backed by Expedia filed to go public in November.
- Yahoo Finance