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News > Deals
Max Re IPO drops 3%
August 14, 2001: 5:38 p.m. ET

Reinsurer falls after selling pared-down 12M shares at $16 each
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NEW YORK (CNNfn) - Reinsurance firm Max Re Capital Ltd., the only initial public offering on tap this week, dropped 3 percent Tuesday.

Max Re opened at $15.80, hit an early high of $16.06, and then fell, closing at $15.50 on the Nasdaq.

The Max Re issue, the only offering on the calendar this week, is expected to be one of the last new issues to open before the IPO market shuts down for the summer hiatus.

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Max Re Capital reduced the size of its issue late Monday, selling 12 million shares at $16 each via lead underwriters Morgan Stanley and Salomon Smith Barney. The company had planned to sell 14.3 million shares at $16.50-to-$18.50 each.

Formed in 1999, Bermuda-based Max Re (MXRE: Research, Estimates) provides reinsurance for the life, annuity, property and casualty market. The company operates through subsidiary Max Re, which underwrites individual and group life insurance.

Max Re earned $1.1 million on $242.9 million in revenue for the six months ended June 30. graphic

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