Aspen Underwriting is to seek an IPO on the New York Stock Exchange, said Wellington Underwriting.
Wellington and the other current Aspen shareholders will not sell their shares in the IPO, said Wellington in a statement.
In addition to the stake it already holds in Aspen, Wellington owns options to subscribe to nearly four million extra shares in Aspen. The option will become exercisable after the IPO. Wellington said it was currently interested in 22.26% of Aspen's fully diluted share capital prior to the IPO.
Based on the current offerings size, following the IPO Wellington's shareholding will represent 17% of Aspen's issued share capital.
In its preliminary prospectus, Aspen has indicated that the IPO price range for its shares will be between US$20 - $22 per share. It is offering 9.524 million shares under the flotation, with a further 1.5 million new shares under an over-allotment option.
