1/7/2010 12:15 AM ET
(RTTNews) - Symetra Financial Corp., a life insurance company, revealed in an amended filing with the U.S. Securities and Exchange Commission that it estimates pricing its initial public offering of 27 million shares of its common stock in the range of $12 to $14 per share.
Bellevue, Washington-based Symetra is selling 17.25 million shares and selling stockholders are offering 9.74 million shares in this offering. Symetra said it has applied to list its common stock on the New York Stock Exchange under the symbol "SYA"
Symetra currently expects the proposed maximum aggregate offering price to be $434.7 million, including 4.05 million shares issuable upon exercise of underwriters' over-allotment option. The company had earlier estimated maximum proceeds of $575 million from the offering.
The company also clarified that it will not receive any proceeds from the sale of shares by selling stockholders. The net primary proceeds from the offering is expected to be approximately $208.3 million, with the company planning to use it for general corporate purposes.
Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities Inc., Goldman, Sachs & Co. and Barclays Capital Inc. are acting as joint book-running managers and as representatives of underwriters.
According to the filing, Warren Buffett's Berkshire Hathaway Inc. (BRKa: News ), White Mountains Insurance Group, Ltd., Franklin Mutual Advisers, LLC, Caxton Associates LP, Vestar Capital Partners and Highfields Capital Management LP hold notable stakes in the company.
Assuming full exercise of over-allotment option, Berkshire and White Mountains each will beneficially own 21.8% stake after the offering. The two largest stockholders each owns 26.88 million shares of the company.
For the nine months ended September 30, 2009, Symetra posted net income of $96.2 million and generated total revenues of $1.27 billion, compared to $27 million and $1.1 billion, respectively, in the same period in 2008.
With Symetra expected to be the first company to come public in 2010, the IPO market started its count of expected rollouts. Pittsburgh, Pennsylvania-based DynaVox Inc., a provider of speech generating technology, and Beijing-based IFM Investments Ltd., a provider of real estate services, are waiting in the wings following their IPO filings.
DynaVox, which plans to sell up to $125 million worth of Class A common stock, intends to list its stock on the NASDAQ Global Market under the symbol "DVOX", and IFM Investments, which estimates to sell up to US$184 million worth of ADSs, plans to list on the New York Stock Exchange under the symbol "CTC".
Share Investor Links
Share Investor Blog - Stockmarket & Business commentary
Share Investor New Zealand Business News- Get more business news
Discuss this topic @ Share Investor Forum - Register free
Share Investor's Daily Forex Updates
Recommended Amazon Reading
|Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) by Benjamin Graham
Buy new: $47.25 / Used from: $46.96
Usually ships in 9 to 11 days
|The Four Filters Invention of Warren Buffett and Charlie Munger by Bud Labitan
Buy new: $33.25 / Used from: $43.89
Usually ships in 24 hours
From Amazon - Apple iPod touch 32 GB (3rd Generation) NEWEST MODEL