Deals
ASR IPO Raises $1.2 Billion as Dutch Government Cuts Stake
- IPO values ASR at 2.93 billion euros as insurer goes to market
- Insurer sells 52.2 million shares at 19.5 euros apiece
ASR CEO 'Happy' IPO Proceeded Ahead of Brexit Vote
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ASR Nederland NV raised 1.02 billion euros ($1.2 billion) in an initial public offering, allowing the Dutch government to recoup some of the money it spent on bailing out the insurer’s parent, Fortis, during the financial crisis.
ASR rose as much as 7.2 percent on its first day of trading in Amsterdam on Friday and the shares were was up 3.6 percent at 20.21 euros as of 11:05 a.m. The insurer sold 52.2 million shares at 19.5 euros each, it said in a statement on Friday. That values the Utrecht-based company at 2.93 billion euros, making it the biggest IPO of a Dutch insurer since NN Group NV raised 2.2 billion euros in July 2014.