Insurance company Aspen Insurance sets IPO pricing at $29-31 per share, aiming to raise nearly $400 million

Aspen Insurance Holdings, supported by American private equity giant Apollo Global Management, plans to issue 13.25 million shares at a price of $29-31 per share to raise $397.5 million. The stock will be listed on the New York Stock Exchange on Thursday under the ticker symbol "AHL." According to the latest documents submitted by Aspen Insurance to the U.S. Securities and Exchange Commission (SEC), the company's revenue for 2024 is projected to be $3.26 billion, with a net profit of $486.1 million; the revenue and net profit for 2023 were $2.97 billion and $534.7 million, respectively. The documents show that after the sale of shares, Apollo's stake in Aspen Insurance will decrease from 99.8% to 86.7%. Apollo privatized the struggling insurance company in 2019 in a $2.6 billion deal. Aspen Insurance's double-digit return on equity and underwriting profitability are quite attractive. In recent years, under the leadership of CEO Mark Cloutier, the company has reduced its exposure to reinsurance and property catastrophe risks