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A Bay Street sign, the main street in the financial district is seen in Toronto, January 28, 2013.
A Bay Street sign, the main street in the financial district is seen in Toronto, January 28, 2013.
(MARK BLINCH/REUTERS)

Aurigen IPO size and price cut amid slack demand

The initial public offering of George Soros-backed reinsurer Aurigen Capital Ltd. is struggling amid slack demand and doubts about valuation, leading to a cut in the sale price and the size of the offering.

The IPO had been expected to price this week; however, investors balked. Aurigen is now looking to raise $200-million, down from $250-million. The price range for the shares has been slashed to $9.50 to $10.50 apiece from $13 to $15, according to a person who has viewed the terms.