American insurer Fidelity & Guaranty Life (FGL) has raised $165.75 million in its initial public offering, pricing its shares at the low end of the range. FGL is controlled by Philip Falcone's Harbinger Group Inc. 

According to a report by Bloomberg, FGL sold 9.75 million shares priced at $17 apiece. Harbinger sold 17% of its stake in FGL in the IPO. FGL's listing has reportedly put the company's valuation to $965 million. FGL initially priced its shares between $17 to $19 per share. 

FGL will start trading on Friday on the New York Stock Exchange. Investment banks Credit Suisse Group AG, JPMorgan Chase & Co. and Jefferies Group LLC led the offering, the report said.

FGL sells retirement products known as fixed-indexed annuities. The said product offers payouts tied to stock market performance with a limited risk of losses, Reuters said. 

The report said that Falcone has been banned from assuming an officer or director role in FGL due to an earlier settlement with the US Securities and Exchange Commission. The said settlement bars Falcone from not only in FGL but from the hedge fund industry. FGL is currently run by former MetLife Inc executive Lee Launer.