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Wednesday, October 18, 2006

IPO Pricing: First Mercury Financial (FMR)

First Mercury Financial (FMR) priced its 9.706 million share IPO at $17.00 per share, which is in the middle of the $16.00 to $18.00 range.

The company is a specialty underwriter for surplus and additional insurance for security gaurds and roofers. The company has been around since 1973, and low and behold it appears that a Michigan-based company can be profitable.

J.P.Morgan and Keefe bruyette Woods are the lead managers; and co-managers are listed as William Blair, Cochran Caronia, Dowling & Partners, A.G.Edwards, and Ferris Baker Watts.

Jon C. Ogg
October 18, 2006
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