Aurigen Capital Ltd., the reinsurer backed by billionaire George Soros, reduced the share price range for its Canadian initial public offering.
The Hamilton, Bermuda-based reinsurer aims to sell shares for C$9.50 to C$10.50 each in its offering, according to an amended filing to Canadian regulators today. That’s down from its initial plan to offer stock for C$13 to C$15 each.
Aurigen now plans to raise C$200 million ($184 million) from the sale and certain existing investors will buy about C$50 million of the offering. The company’s initial plan last month was to raise C$250 million through the Toronto IPO.
An e-mail message left with Chief Executive Officer Alan Ryder wasn’t immediately returned.
Royal Bank of Canada, Canaccord Genuity Group Inc. and Toronto-Dominion Bank are leading the sale.