The company offered 16.7 million shares at a price of $10.75. The shares ended Tuesday at $10.81, off the day's high of $10.92.
The offering price is within the revised range of $10 to $12 announced Monday. That was cut from a range of $14 to $16 set in January.
It expected to raise $194 million after expenses if options to cover excess demand are fully exercised.
The Boca Raton, Fla., company provides loans to life-insurance buyers so that they can pay premiums. It also turns lump-sum cash settlements from lawsuits into a stream of monthly payments.
The company was formed in December 2006. It makes money from interest charged on loans, loan origination fees and fees from referring agents. It has historically relied on debt financing to fund its business.
Since 2007, the company has seen its financing costs rise significantly as lenders exited the market or increased rates.
The company said it intends to use the proceeds of the stock offering to fund future premium finance transactions, reducing its need for debt financing.
"Over time we expect that this will significantly reduce our cost of financing and help to generate higher returns for our shareholders," the company said.
During the nine months ended Sept. 30, the company had a net loss of $16.4 million on revenue of $60.4 million. For the year, it expects to post a loss of between $15.7 million and $16.5 million.