Tags: US | Symetra | IPO | Debut

Buffett Linked Symetra IPO Jumps in Trading Debut

Friday, 22 Jan 2010 10:20 AM

Shares of life insurer Symetra Financial, the most anticipated of Friday's initial public offerings, are up about 8 percent in their trading debut.

The Bellevue, Wash., company had a prominent backer in Warren Buffett, whose Berkshire Hathaway Inc. held about a quarter of the company's stock. Berkshire retained its entire stake, which was viewed as a vote of confidence in the company.

But shares priced at $12 each, the bottom of its expected range, after two days of triple-digit drops in the Dow Jones industrial average.

Symetra Financial Corp. has raised $364.8 million. The company also sells medical insurance underwriting services, and retirement products such as annuities and IRAs.

Shares rose $1 to $13 in morning trading.

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Shares of life insurer Symetra Financial, the most anticipated of Friday's initial public offerings, are up about 8 percent in their trading debut.The Bellevue, Wash., company had a prominent backer in Warren Buffett, whose Berkshire Hathaway Inc. held about a quarter of...
US,Symetra,IPO,Debut
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2010-20-22
Friday, 22 Jan 2010 10:20 AM
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