Hamilton Insurance edges up after IPO prices below range

Klaviyo

10/11/2023 17:27

** Hamilton Insurance Group's  HG.N  shares rise slightly in
debut Fri after IPO gets done below expectations
    ** HG opens at $15.25 vs $15 IPO price. Stock rises as high
as $15.39 early on, but pulls back and recently up 0.3% at
$15.04
    ** Bermuda-headquartered specialty insurer late Thurs
announced 15 mln shares for $225 mln in proceeds, including 8.75
mln shares sold by existing investors
    ** Co had marketed offering in range of $16-$18
    ** IPO comes as investors have soured on new listings after
poor performances by German sandal maker Birkenstock  BIRK.N ,
chip designer Arm  ARM.O , grocery delivery app
Instacart/Maplebear  CART.O  and marketing automation firm
Klaviyo  KVYO.O 
    ** This as S&P Insurance Select Industry Index  .SPSIINS 
has risen 5.5% YTD vs S&P 500's  .SPX  14% advance
    ** Based on approx 110 mln shares outstanding, Hamilton
achieves about $1.7 bln valuation at IPO price
    ** Blackstone Inc  BX.N  is among Hamilton's backers, and to
own nearly 9% stake post-IPO
    ** Barclays and Morgan Stanley leading Hamilton's IPO,
joined by Citigroup and Wells Fargo as bookrunners

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))