(February 4 – 10:15 ET) – Industrial-Alliance Life Insurance Co. has closed its initial public offering with a syndicate of 11 investment dealers selling 21.6 million shares at $15.75 per share.
Nesbitt Burns Inc. led the $340-million offering, joined by Merrill Lynch Canada Inc., as senior co-manager, and RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc. and TD Securities Inc., as co-managers.
CIBC World Markets Inc., Griffiths McBurney & Partners, HSBC Securities (Canada) Inc., Newcrest Capital Inc. and Fox-Pitt, Kelton Inc. rounded out the group.
The shares begin trading today on the Toronto Stock Exchange under the symbol “IAG.W” on a when-issued basis. The IPO is expected to close on February 10.
The proceeds of the deal will go to shareholders, who will receive cash. After the IPO, the firm expects to have a total of 35.1 million shares outstanding and an initial market capitalization of about $550 million.