According to a registration statement filed with the US Securities and Exchange Commission, the offering consists of 6.25 million Class B common shares offered by the carrier and 8.75 million Class B common shares, to be sold by Hamilton’s shareholders.
Underwriters will also have a 30-day option to purchase up to an additional 2.25 million Class B common shares from the selling shareholders.
As Hamilton expects the shares to trade at $16-$18, the carrier is looking to raise between $240mn and $270mn.
The carrier will trade on the New York Stock Exchange under the ticker symbol ‘HG’.
Hamilton said it would use the proceeds from its stock market debut to “make capital contributions to its insurance and reinsurance operating subsidies,” helping it to take advantage of favourable market conditions.
It also confirmed Barclays and Morgan Stanley are acting as joint lead bookrunning managers for the IPO, first reported by this publication in September.
Citigroup and Wells Fargo Securities are acting as joint bookrunning managers for the proposed offering.
BMO Capital Markets, Dowling & Partners Securities LLC, JMP Securities, A Citizens Company, Keefe, Bruyette & Woods, A Stifel Company and Commerzbank are acting as co-managers.
Sister publication Inside P&C recently explored Hamilton's upcoming IPO, noting that it comes at an interesting time in the marketplace. See the Inside P&C Research team's note from last week here.
