Bowhead Specialty Holdings, a specialty property and casualty insurer, has raised $128m in its oversubscribed IPO within the US.
The combination gross proceeds generated within the IPO was earlier than deducting underwriting reductions, commissions and different estimated providing bills.
The corporate exceeded preliminary expectations by rising the dimensions of the inventory sale and pricing shares above the marketed vary.
On the IPO, Bowhead offered greater than 7.5 million shares of its widespread inventory at $17 every, surpassing the 6.7 million shares initially marketed at $14–16 apiece.
Along with the shares offered, Bowhead has supplied underwriters a 30-day choice to buy as much as a further 1,129,411 shares on the preliminary providing worth, minus the underwriting reductions and commissions.
The shares are slated to begin buying and selling on the New York Inventory Change on 23 Might 2024, underneath the ticker image “BOW”.
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The first targets of the IPO are to bolster the corporate’s capitalisation in addition to monetary flexibility, additional establishing a public marketplace for its widespread inventory, and facilitate entry to the general public fairness markets for the corporate and its shareholders.
Bowhead plans to allocate the online proceeds from the IPO to help the expansion of its insurance coverage subsidiary. The funds can even be used for different common company makes use of.
Main the providing’s joint bookrunning administration and serving as representatives of the underwriters are JP Morgan, Morgan Stanley, and Keefe, Bruyette & Woods, A Stifel Firm.
Different contributors embrace RBC Capital Markets, Residents JMP and Dowling & Companions Securities as joint bookrunning managers, with Siebert Williams Shank serving because the providing’s co-manager.
In accordance with Bloomberg, on the IPO worth, Bowhead’s market valuation surpasses $500m primarily based on the excellent shares detailed in its filings with the US Securities and Change Fee.
Based in 2020 by CEO Stephen Sills, Bowhead specialises in underwriting casualty, skilled legal responsibility and healthcare claims.
