IPOs
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The Texas-based broker is aiming to raise gross proceeds of $187mn. -
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Underwriters will have the option to purchase an additional 1.6 million shares.
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Insurance Insider US revealed last October that the broker was planning a 2024 IPO process.
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Analysis of company performance post-IPO shows varying trajectories over time
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The firm’s underwriting performance is hard to piece together from the limited available data.
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The firm has zero pre-2020 reserves, no MGA relationships, and management with a strong record.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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The company went public Thursday at a price of $17 per share.
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The underwriters will receive a 30-day option for an additional one million shares.
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From here on out, insurers will likely have to rely on the strength of their individual stories.
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Sources said the company has halted its Q2 listing and will reassess the market next year.
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