Fidelis Insurance stock jeered in its Wall Street debut

Shares of Fidelis Insurance Holdings Ltd. were jeered in their Wall Street debut, as they opened 6.4% below where the reinsurance company's downsized initial public offering priced. The company said 15 million shares were sold in the IPO, a little less than half of which were sold by the company and the rest sold by selling shareholders, down from previous expectations that 17 million shares would be sold. The IPO priced at $14 a share, below the expected range of between $16 and $19 a share. The stock's first trade was at $13.10 at 12:35 p.m. Eastern for 916,105 shares. At that price, the company was valued at about $1.53 billion. The company went public at a time of increasing investor interest in IPO shares, as the Renaissance IPO ETF (IPO) has advanced 15.1% over the past three months while the S&P 500 has gained 9.1%.

-Tomi Kilgore

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06-29-23 1239ET

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