Greenlight Capital Re Ltd is expected to make its debut on Nasdaq in the next fortnight as it looks to raise $175mn in an initial public offering.
The Cayman Islands-headquartered reinsurer last week (9 May) filed an amended S-1 registration form to list its shares under the ticker GLRE on the exchange, with a pricing target set at between $16 and $18 a share for the float.
The company was set up in July 2004 by David Einhorn, and launched its operating subsidiary Greenlight Re with a $220mn capital base in November 2005.
Leonard Goldberg, the former head of Alea North America, serves as CEO of the reinsurer.
Greenlight Re wrote $74.15mn of net premiums and made net investment income of $58.51mn in 2006 as it booked a net profit of $57mn.
In its filing it said that, based on estimated net proceeds of $160.1mn, or $184.1mn if underwriters fully exercise options, plus $50mn proceeds from the sale of Class B shares in a private placement to Einhorn, the company’s net book value at 31 March 2007 would have been $509.8mn.