The deal is the fourth-largest IPO announced by a Canadian company in the past five years
Pedestrians pass in front of the Toronto Stock Exchange in the financial district of Toronto on Sept. 16, 2021.Definity Financial Corp., the property and casualty insurer formerly known as Economical Mutual Insurance Co., is seeking to raise $1.25 billion in an initial public offering, following in the footsteps of other large Canadian insurers that have moved away from policyholder ownership to become public companies.
The shares will be priced in a range of $19 to $22 apiece and will be listed on the Toronto Stock Exchange under the symbol “DFY,” Waterloo, Ontario-based Definity said in a statement Monday. The underwriters are likely to be granted an option to buy an amount equal to as much as 15 per cent of the shares within 30 days of the offering to cover any over-allotments.
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