Validus prices IPO

HAMILTON, Bermuda--Validus Holdings Ltd. on Wednesday priced its initial public offering of 15.2 million shares at $22 per share.

The IPO came in slightly lower than expected, as Hamilton, Bermuda-based Validus earlier this month said it would offer 15.7 million shares at between $24 and $26 per share.

Underwriters of the offering have the option to purchase up to 2.3 million additional shares.

The shares are listed on the New York Stock Exchange, trading under the symbol "VR."

As the reinsurer previously reported, proceeds from the share offer will be used towards funding the company's acquisition of Hamilton, Bermuda-based Talbot Holdings Ltd. and capitalizing Validus Reinsurance Ltd., among other things.