US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

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Aspen Insurance Holdings / Equity Capital Markets

<ul>
<li>The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.</li>
<li>According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.</li>
<li>The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.</li>
</ul>


The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.
According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.
The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.


Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One

<ul>
<li>According to guidance that the deal is multiple-times oversubscribed with high-quality 1-on-1 conversions.</li>
<li>Aspen is selling itself at or slightly below the $30.73 per share book value of comps.</li>
<li>Apollo Global has done a fair job of cleaning up Aspen and making it increasingly more profitable while reducing exposure to reinsurance and property in vulnerable areas.</li>
</ul>


According to guidance that the deal is multiple-times oversubscribed with high-quality 1-on-1 conversions.
Aspen is selling itself at or slightly below the $30.73 per share book value of comps.
Apollo Global has done a fair job of cleaning up Aspen and making it increasingly more profitable while reducing exposure to reinsurance and property in vulnerable areas.


Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

<ul>
<li>A total of 11.0mm shares are being offered with the entirety being offloaded by the sponsor, Apollo Global Securities.</li>
<li>This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.</li>
<li>For the three months ended March 31, 2025, Aspen Insurance had gross written premiums of $1.287b vs. $1.231b in the same period in 2024 for an increase of 4.5%.</li>
</ul>


A total of 11.0mm shares are being offered with the entirety being offloaded by the sponsor, Apollo Global Securities.
This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
For the three months ended March 31, 2025, Aspen Insurance had gross written premiums of $1.287b vs. $1.231b in the same period in 2024 for an increase of 4.5%.


Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation

<ul>
<li>Aspen Insurance Holdings filed for its IPO in December 2023 and saw its filing refreshed in December 2024 and once again on March 20th, 2025.</li>
<li>This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019. </li>
<li>For the twelve months ended December 31, 2024, they wrote $4,609 million in gross written premiums marking a 16.2% increase from the same period in 2023. </li>
</ul>


Aspen Insurance Holdings filed for its IPO in December 2023 and saw its filing refreshed in December 2024 and once again on March 20th, 2025.
This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019. 
For the twelve months ended December 31, 2024, they wrote $4,609 million in gross written premiums marking a 16.2% increase from the same period in 2023. 


Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon

<ul>
<li>The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.</li>
<li>BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus. </li>
<li>The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.</li>
</ul>


The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.
BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus. 
The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.


EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

United States

Aspen Insurance Holdings Ltd. is a holding company that provides property/casualty insurance and reinsurance.  The Company offers property and liability insurance in the United Kingdom and United States, and marine, energy, and aviation insurance and reinsurance worldwide.

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Aspen Insurance Holdings (AHL US)

Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One

Stock of company sponsored by Apollo Global opens at $33.25, 10.8% above issue price of $30, indicating strong investor interest despite sponsor's...

IPO Boutique

Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

Aspen's deal is oversubscribed with high-quality conversions, selling below book value, and Apollo Global has improved profitability by reducing...

IPO Boutique

Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation

11mm shares offered by Apollo Global, acquired company, Aspen Insurance, saw 4.5% increase in gross written premiums for Q1 2025.

IPO Boutique

Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon

Aspen Insurance Holdings, acquired by Apollo Global, saw a 16.2% increase in gross written premiums for the twelve months ending December 31,...

IPO Boutique

EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...

IPO Boutique

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52-week Range

Market Cap (USDm)

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Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One

​Stock of company sponsored by Apollo Global opens at $33.25, 10.8% above issue price of $30, indicating strong investor interest despite sponsor's...

IPO Boutique

Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

​Aspen's deal is oversubscribed with high-quality conversions, selling below book value, and Apollo Global has improved profitability by reducing...

IPO Boutique

Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation

​11mm shares offered by Apollo Global, acquired company, Aspen Insurance, saw 4.5% increase in gross written premiums for Q1 2025.

IPO Boutique

Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon

​Aspen Insurance Holdings, acquired by Apollo Global, saw a 16.2% increase in gross written premiums for the twelve months ending December 31,...

IPO Boutique

EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

​Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...

IPO Boutique

Stock of company sponsored by Apollo Global opens at $33.25, 10.8% above issue price of $30, indicating strong investor interest despite sponsor's...

Aspen's deal is oversubscribed with high-quality conversions, selling below book value, and Apollo Global has improved profitability by reducing...

11mm shares offered by Apollo Global, acquired company, Aspen Insurance, saw 4.5% increase in gross written premiums for Q1 2025.

Aspen Insurance Holdings, acquired by Apollo Global, saw a 16.2% increase in gross written premiums for the twelve months ending December 31,...

Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...