Boca life insurance financing company IPO nets $169 million
Feb 8, 2011
The following article was published in the South Florida Business Journal on February 8, 2011:
Imperial Holdings IPO nets $169M
By Brian Bandell
Imperial Holdings expected to net $169 million from its IPO on Tuesday.
The Boca Raton-based company (NYSE: IFT) sold 16.7 million shares at $10.75 each. The stock traded at a range of $10.70 to $10.92 before closing at $10.81.
The underwriters, including FBR Capital Markets and JMP Securities, have the right to purchase up to 2.5 million additional shares at the IPO price within 30 days.
Imperial Holdings initially wanted to sell shares for $14 to $16 each. That was revised downward on Monday to $10 to $12 each before it settled on the launch price.
Imperial Holdings grants loans to policyholders to cover life insurance payments. However, it stopped this financing activity on Jan. 1. It plans to resume it after the IPO.
The company is also involved in the structured settlement business, which involves a plaintiff settling a lawsuit in exchange for periodic payments over time.