Annuity provider Athene’s IPO priced in line with expectations: Reuters

Fixed annuity service provider Athene Holding Ltd (ATH.N) said its initial public offering of 27 million class A shares raised $1.1 billion after the offering was priced in the mid-point of its expected range, valuing the company at about $7.55 billion.

Athene, which is backed by private equity firm Apollo Global Management LLC (APO.N), said the shares were priced at $40 each. The company had expected the IPO to be priced at between $38 and $42 per share.

Formed in 2009 to buy assets from insurers battered by the financial crisis, Athene’s IPO could capitalize on the post U.S. election rally of global financial stocks.

For the nine months ended Sept. 30, the company reported total revenue of $3.05 billion, a 93.8 percent jump from a year earlier.

The company will make its market debut on the New York Stock Exchange on Friday under the symbol “ATH”.

Goldman Sachs Group, Barclays Plc, Citigroup and Wells Fargo were the underwriters for the offering.