Athene’s December IPO could value company at $8 billion
November 28, 2016 by Joshua Jamerson
Athene Holding Ltd. submitted an amended filing for its coming initial public offering that could value the fixed-annuities provider at about $8 billion.
The firm, backed by a private-equity group Apollo Global Management LLCAPO, -2.13% said the company itself wouldn’t receive any proceeds from the public sale of stock. Instead, the insurer’s IPO stands to benefit selling shareholders, including Apollo and its executives, according to the filing.
The company set an estimated range of $38 to $42 a share for the offering of nearly 23.8 million class A shares, plus roughly 3.6 million shares in a so-called overallotment clause that gives underwriters the option to buy into the company at the IPO price. At the high-end of the range, the selling shareholders stand to raise as much as $1.15 billion in the IPO and the company would be valued at about $8 billion.
Athene’s stock is slated to trade on the New York Stock Exchange under the symbol “ATH.”
