CII Completes Initial Public Share Offering
CII Financial Inc., a Burbank-based provider of workers’ compensation insurance, said it completed its initial public offering by selling 2.3 million common shares for $11.50 each. The stock, with the symbol CIIF, now trades on the over-the-counter market.
The company said it received $24.6 million from the offering, after deducting underwriting expenses. CII said it would use a substantial portion of the money to expand the business of its main unit, California Indemnity Insurance Co., and to repay short-term bank debt.
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