Shares of CRM Holdings Ltd., a manager of workers' compensation self-insurance trusts in New York and California, closed at $13.05 Thursday, just pennies ahead of the $13 price of its initial public offering Wednesday.
The company, which is based in Hamilton, Bermuda, operates eight self-insurance trusts in New York and six in California.
CRM offered at total of 8.9 million shares, making the total offering worth a potential $115 million, before fees.
According to its prospectus filed with the Securities and Exchange Commission, CRM plans to use $47 million of the net proceeds to ...
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