listed on the Bermuda Stock Exchange today.

The Exchange approved the company's listing earlier this month, said BSE project manager Mr. Greg Wojciechowski.

Managers of the Hemisphere Group's initial public offering, the Bank of Bermuda investment division, said earlier that they expected the company's stock would begin trading in mid-December. The bank also arranged and underwrote the IPO.

Over 310 investors recently participated in the company's IPO resulting in an oversubscription of about 30 percent.

The IPO raised $4.23 million representing 47 percent of the total issued shares of the company.

The offering consisted of 846,000 convertible redeemable voting 9.75 percent preferred shares at $5 each. The preferred shares are convertible into common shares at any time at the option of the shareholder.

Shares outstanding after the offering are 1.8 million, 954,000 common and 846,000 preferred.

The offering opened to the public November 1, 1994 and closed November 25, 1994.

Hemisphere Management Ltd., now a wholly-owned subsidiary of Bermuda-based Hemisphere Group Ltd., was founded in 1981.

In 1982 the company was restructured and today Hemisphere has three subsidiaries operating on the Island offering company management services, corporate secreatarial services and trust management.

The company's prospectus cited net asset value of $1.5 billion and expected that to climb to over $2 billion by the end of 1994.

The company's proceeds from the offering are earmarked for expansion of operations in the Cayman Islands, to include the establishment and capitalisation of a new wholly-owned subsidiary to focus on management services to Hemisphere's mutual fund clients. Hemisphere currently has a 50 percent joint venture stake in a Cayman company. GulfStream Securities Ltd., the Bermuda Commercial Bank, First Bermuda Securities and Lines overseas Management, as well as the Bank of Bermuda, were sales agents for the offering.