Definity Raises $1.1 Billion in Largest Canadian IPO of 2021
- Swiss Re, HOOPP in deal for C$700 million private placement
- Offering completes insurer’s six-year march to public markets
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Definity Financial Corp., the property and casualty insurer formerly known as Economical Mutual Insurance Co., raised about C$1.4 billion ($1.1 billion) in the largest Canadian initial public offering of the year.
A total of 63.6 million shares were sold for C$22 apiece, the Waterloo, Ontario-based company said in a release late Wednesday, the top end of the range it had targeted. The company is also selling another C$700 million in shares in a private placement to the Healthcare of Ontario Pension Plan and Swiss Re.