Aurigen Capital Reduces Share Price Range for its IPODoug Alexander
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.