(Bloomberg) — Athene Holding Ltd., the insurer that accounts for about a quarter of the asset-management fees earned by Apollo Global Management LLC, raised $1.08 billion in its initial public offering, pricing an increased number of shares at the midpoint of the marketed range.
Existing shareholders of Athene sold 27 million shares for $40 each, according to data compiled by Bloomberg, after the annuity provider offered 23.75 million shares for $38 to $42 apiece. At the IPO price, the company is valued at about $7.4 billion, based on about 186 million shares outstanding, according to the deal prospectus.
The deal is the third-biggest U.S. offering of the year, according to data compiled by Bloomberg. Chinese delivery company ZTO Express Cayman Inc. raised $1.4 billion in September and US Foods Holding Corp. collected $1.2 billion. Japanese messaging company Line Corp. sold $894.5 million worth of stock in the U.S. and Valvoline Inc. raised $759 million.
Under the purview of industry stalwart and Chief Executive Officer Jim Belardi, Athene has become a jewel for Leon Black’s Apollo since the insurer’s founding in 2009. Apollo, which will retain 45 percent of voting power after the IPO, charges fees to help manage the funds.