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.
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