Greenlight Capital Files for USD 175 million IPO
Greenlight Capital Re Ltd., Specialty property and casualty reinsurer based in the Cayman Islands is to sell up to USD 175 million in stock in an initial public offering (IPO).
In accordance with the Securities and Exchange Commission, Greenlight Capital Re Ltd. intends to list its Class A shares on the Nasdaq Global Select Market. The company plans to use the net proceeds from this offering for additional capital needed for underwriting operations as well as for general corporate purposes.
The number of shares to be offered in the IPO has not been disclosed by Greenlight as well as an estimated price range has not been provided.
After the IPO, the company will sell an undisclosed number of Class B shares at the IPO price to David Einhorn, its chairman.
For the 9 months ended September 30, 2006, the net income of this Cayman-based company grew to USD 39.6 from USD 29.7 million for the same period a year ago, while its revenue rose to USD 54.3 million from USD 22.3 million.