Verisk Nabs Year’s Largest IPO
October 6, 2009 by Mark Ellis
Filed under Business
Insurance risk company Verisk has managed to secure the largest initial public offering of 2009, valuing the company at a whopping $22 per share for its 85.25 million shares. This sits above the analyst-expected price range of $19 to $21 per share for the same amount of shares and establishes Verisk as a new force to be reckoned with in the insurance risk field.
These shares are expected to start being traded on Wednesday on the NASDAQ Stock Market under the symbol VRSK. The total value of the IPO clocks in at $1.88 billion, which is the largest IPO in the U.S. in more than a year.
All of the shares are being sold by Verisk’s owners, a varied group of insurers that includes American International Group Inc., London-Based ACE Group Holdings Inc., Hartford Financial Services Group Inc., and Travelers Cos.
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