Athene Holding, an Apollo-backed provider of life insurance and fixed annuities with $87 billion in assets, announced terms for its IPO on Monday.
The Bermuda-based company plans to raise $950 million by offering 23.8 million shares (100% insider) at a price range of $38 to $42. At the midpoint of the proposed range, Athene Holding would command a fully diluted market value of $7.7 billion.
Athene Holding was founded in 2009 and booked $4.1 billion in revenue for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol ATH. Goldman Sachs, Barclays, Citi, Wells Fargo Securities, BofA Merrill Lynch, BMO Capital Markets, Credit Suisse, Deutsche Bank, J.P. Morgan, Morgan Stanley, RBC Capital Markets, BNP Paribas, BTIG, Evercore ISI, SunTrust Robinson Humphrey and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of December 5, 2016.
