AMSTERDAM (Reuters) – ASR insurer being re-privatization by the Dutch state, has fixed Monday the price of its IPO at a level that values between 2.7 billion and 3.3 billion euros.
This IPO will be made at prices 18 to 22 euros per share for 52.2 million shares, or 35% of the capital, with an over-allotment option of 7.8 million shares, which would increase the operation level 40% of capital.
The state should recover well between 1.08 billion and 1.32 billion euros, if the overallotment option is exercised in full for the IPO on 10 June.
Fourth insurer in the Netherlands, ASR generally do not publish quarterly results but said Monday it had cleared the first quarter pretax profit of 132 million euros, against 128 million euros in the fourth quarter 2015.
Its book value declined slightly to 4.2 billion euros.
Its solvency ratio according to the new European standards was around 185% at end-March, as the end of 2015. This ratio is interpreted by analysts as an indicator of the ability of an insurer to pay a dividend.
ASR said mid-May thought able to distribute a dividend as its solvency would remain above 140%.
Insurance branch of the former Belgian group Fortis ASR was nationalized during the financial crisis of 2008, as the bank ABN Amro, even though its own financial stability was never in doubt.