Greenlight IPO Raises $258 Million

May 31, 2007

Cayman Islands-based Greenlight Capital Re, Ltd. announced the completion of its initial public offering of 11,787,500 Class A Ordinary Shares including 1,537,500 Class A Ordinary Shares sold pursuant to the underwriters’ exercise of their over-allotment option (See IJ web site May 25).

The shares are trading on the NASDAQ Exchange under the symbol “GLRE”, and were sold at an initial public offering price of $19.00 per share.

Greenlight Re also announced the simultaneous consummation of the private sale of 2,631,579 Class B Ordinary Shares priced at $19.00 per share to Board Chairman David Einhorn.

“Substantially all of the total net proceeds of approximately $258 million from the initial public offering and private placement will be used to increase the underwriting capacity of Greenlight Re’s reinsurance operations,” said the announcment.

Was this article valuable?

Here are more articles you may enjoy.