Fortegra Group, a world specialty insurer and subsidiary of Tiptree, has introduced the launch of its preliminary public providing (IPO) in New York.
The corporate filed a registration assertion with the SEC to supply 18 million of its shares to the general public at $15–18 apiece.
It additionally intends to supply underwriters with a 30-day possibility to purchase as much as an additional 2.7 million shares of its frequent inventory.
Fortegra appears to be like to listing its frequent inventory on the New York Inventory Trade below the ticker image ‘TFG’.
The web proceeds from the providing are supposed to help Fortegra’s development efforts, in addition to meet its working capital and different basic company necessities.
Goldman Sachs & Co, J P Morgan and Jefferies are serving as joint lead bookrunning managers, whereas Barclays is a joint bookrunning supervisor for the proposed IPO.
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A consortium of economic establishments together with A Residents Firm, A Stifel Firm, Bruyette & Woods, Fifth Third Securities, Independence Level Securities, JMP Securities, Keefe, Piper Sandler and Raymond James have been appointed as co-managers for the IPO.
Fortegra affords a variety of insurance coverage merchandise and guarantee options via its subsidiaries. Primarily based in Jacksonville, Florida, the corporate has a world community of 15 workplaces.
In October 2021, Fortegra secured a $200m funding from non-public fairness firm Warburg Pincus.
