Symetra Financial, which provides group health, retirement, life and employee benefits insurance, has been selected as Renaissance Capital's Featured IPO. Based in Bellevue, WA and backed by well-respected insurer White Mountains and investment company Berkshire Hathaway, Symetra Financial is one of six US IPOs that are scheduled to price this week.
The company plans to raise $351 million by offering 27 million shares at a price range of $12-$14; at the mid-point of the proposed range, it will command a market value of $1.5 billion. Symetra Financial, which was founded in 1957, booked $1.5 billion in sales over the last 12 months. BofA Merrill Lynch, J.P. Morgan, and Goldman Sachs are the lead underwriters on the deal.
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