Symetra Financial Corp. (NYSE:SYA) has concluded its initial public offering.
Symetra, Bellevue, Wash., raised a total of about $365 million by selling 30.4 million shares of common stock at a price of $12 per share.
The offering included 20.7 million primary shares previously held by Symetra and 9.7 million secondary shares previously held by the company's existing stockholders.
The price was at the low end of the $12-to-$14 price range that the company gave in a document filed Jan. 5 with the U.S. Securities and Exchange Commission.
The IPO underwriters used an over-allotment option to buy 4.6 million additional primary shares at the public offering price. The underwriters still have a 30-day option to buy about 4.6 million more shares of Symetra stock at the IPO prices, minus an underwriting discount, to cover over-allotments.
Including the underwriters' option exercise, Symetra sold a total of 25.3 million shares in the offering. The sale yielded about $282 million in net primary proceeds.
Symetra now has 118 million shares of common stock outstanding.
Symetra says it intends to use the net primary proceeds from the offering for general corporate purposes, which may include contributions of capital to its insurance and other subsidiaries. Symetra is not getting any of the proceeds from the sale of secondary shares by existing stockholders.
The team of acting joint book-running managers for the IPO was led by the Merrill Lynch unit of Bank of America Inc., Charlotte, N.C.
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CORRECTION: Due to an editing error, an earlier version of this article gave a misleading description of the status of Symetra's stock. Symetra's stock has been trading on the New York Stock Exchange since Jan. 22.
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