Deals
Loeb’s Third Point Re Raises $276 Million Pricing IPO at Low End
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Third Point Reinsurance Ltd., which counts billionaire hedge-fund manager Daniel Loeb as a founding shareholder, raised about $276 million in an initial public offering, pricing the stock at the bottom of the proposed range.
The company and existing owners sold 22.1 million shares yesterday for $12.50 each, according to data compiled by Bloomberg. Earlier it had offered 22.2 million for $12.50 to $14.50. Third Point Re is set to start trading today.