Orion180 IPO Priced at $12, Well Below $15-$17 Range
Tom Rudovsky · Reported by Dow Jones Newswires
More coverage: Financial
Sentiment
Negative
Importance
8
Price
0
Mkt Cap
0
52W Low
0
52W High
0
52W Position
Off High
Rel. Volume
Market data snapshot near publication time
Summary
Orion180 priced its IPO at $12 per share, significantly below the expected $15-$17 range, selling 20 million shares. The deep discount signals weak investor demand for the homeowners insurer. Trading begins today on Nasdaq under OIG. The pricing gap suggests the company had to accept a lower valuation to complete the offering, which could pressure the stock in early trading.
Updates
· SEC 424B4 — Underwriters have a 30-day option to buy up to 3,000,000 additional shares. Proceeds to Orion180 before expenses are $224.4 million, with underwriting discounts of $15.6 million.
This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.