Hamilton, Cargo Little Changed After Two of 2023’s Last Big IPOs

Two of what could be the year’s last sizeable initial public offerings made unimpressive debuts Friday, with one closing at its offer price, and the other ending its first day of trading a tad under.

Hamilton Insurance Group Ltd.’s shares were unchanged at the end of Friday trading, after the company raising $225 million on Thursday from shares sold at $15 each, below their marketed range.

The specialty insurer and existing shareholders sold 15 million shares after marketing them for $16 to $18, according to a statement. The IPO gave Hamilton a market value of about $1.6 billion. ...