A local financial services firm has become the third Lincoln-based company to trade on a major stock exchange.
Midwest Holding Inc., which sells insurance and investment products, raised $70 million Thursday with an initial public offering on the Nasdaq Stock Market.
The company, which trades under the symbol MDWT, sold 1 million shares at $70 a share, on the low end of its proposed offering.
In its first day of public trading on the Nasdaq, the stock was popular, with nearly 255,000 shares changing hands. But it did not perform well, falling nearly 20% to close at $56.25.
Midwest Holding had first disclosed its plans for an IPO in a November securities filing, and it set the price in a range of $70-$74 a share in a filing last week.
The company, which was founded in 2003, distributes investment and insurance products through three subsidiaries: Nebraska-based life insurer American Life & Security, Vermont-based captive reinsurer Seneca Re, and Delaware LLC 1505 Capital, a financial advisory firm.
It also provides a cloud-based policy administration solution, called m.pas, which currently operates as a division of American Life. It reported year-to-date revenue of $11.4 million as of Sept. 30 and a net loss of $526,000.
Midwest Holding said in a news release that it plans to use the proceeds of the IPO to fund growth of American Life & Security, including a possible expansion of its product line.
Midwest Holding joins NRC Health, which also trades on Nasdaq, and Nelnet, which trades on the New York Stock Exchange, as the only Lincoln-based companies with stock that is traded on the two main U.S. stock exchanges.
LINCOLN BUILDINGS THAT HAVE MADE HISTORY
Christian Record building
College View Public Library
Federal Trust Building
First National Bank Building
First State Bank of Bethany
Gold and Co. store building
Hotel Capital-YMCA building
Lincoln Army Air Field Regimental Chapel
Lincoln Liberty building
Municipal Lighting and Waterworks Plant
Nebraska State Historical Society building
Nebraska Telephone Co. building
Nebraska Wesleyan Old Main
Old University Library
Palisade and Regent apartments
Rose Kirkwood Brothel
President and Ambassador apartments
Rock Island Depot
St. Charles Apartments
Scottish Rite Temple
Sheldon Museum of Art
Temple of Congregation B'Nai Jeshuran
Tifereth Israel Synagogue
U.S. Post Office
Woods Brothers Building
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