Athene Raises $1.08 Billion in 3rd-Biggest U.S. IPO of 2016

Athene Holding Ltd., the insurer that accounts for about a quarter of the asset-management fees earned by Apollo Global Management LLC, raised $1.08 billion in its initial public offering, pricing an increased number of shares at the midpoint of the marketed range.

Existing shareholders of Athene sold 27 million shares for $40 each, according to data compiled by Bloomberg, after the annuity provider offered 23.75 million shares for $38 to $42 apiece. At the IPO price, the company is valued at about $7.4 billion, based on about 186 million shares outstanding, according to the deal prospectus.