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.
© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.