Bermuda-based Ram Holdings Ltd. is expected to go public on the Nasdaq Stock Exchange.

The financial guaranty reinsurer said earlier this month that it expects the 13.1 million shares it is offering will sell for between $14 and $16 a share, raising a gross total of between $183 million and $209 million.

However, Ram stands to keep less than seven percent of the offering's proceeds, while selling shareholders will reap the bulk of the funds raised.

Among Ram's principal shareholders are two it counts as customers: the PMI Group, owner of financial guaranty insurer FGIC Corp., and MBIA, also a financial guaranty insurer. In addition, an MBIA division provides investment management services to Ram.

PMI is Ram's largest shareholder, with a 25 percent stake, while MBIA owns 11.4 percent, the company's initial public offering filing showed. Greenwich Street Capital Partners and Transatlantic Reinsurance Company, a subsidiary of insurance giant American International Group Inc., are also principal investors.

Ram Holdings is offering 1.35 million shares, while selling shareholders are offloading 11.76 million shares. There will be approximately 27 million shares outstanding after the issue.

Ram's proceeds will be about $16.3 million, after fees, which it plans to put into Ram Reinsurance Company Ltd., its main business unit, to increase its ability to do business. Ram won't get any proceeds from the shares offered by selling investors.

The offer is being managed by Banc of America Securities and Merrill Lynch and the stock will trade under the ticker RAMR.