Bowhead Specialty Holdings, a specialty property and casualty insurer, has raised $128m in its oversubscribed IPO in the US.
The aggregate gross proceeds generated in the IPO was before deducting underwriting discounts, commissions and other estimated offering expenses.
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The company exceeded initial expectations by increasing the size of the stock sale and pricing shares above the marketed range.
At the IPO, Bowhead sold more than 7.5 million shares of its common stock at $17 each, surpassing the 6.7 million shares initially marketed at $14–16 apiece.
In addition to the shares sold, Bowhead has offered underwriters a 30-day option to purchase up to an additional 1,129,411 shares at the initial offering price, minus the underwriting discounts and commissions.
The shares are slated to commence trading on the New York Stock Exchange on 23 May 2024, under the ticker symbol “BOW”.
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By GlobalDataThe primary goals of the IPO are to bolster the company’s capitalisation as well as financial flexibility, further establishing a public market for its common stock, and facilitate access to the public equity markets for the company and its shareholders.
Bowhead plans to allocate the net proceeds from the IPO to support the growth of its insurance subsidiary. The funds will also be used for other general corporate uses.
Leading the offering’s joint bookrunning management and serving as representatives of the underwriters are JP Morgan, Morgan Stanley, and Keefe, Bruyette & Woods, A Stifel Company.
Other participants include RBC Capital Markets, Citizens JMP and Dowling & Partners Securities as joint bookrunning managers, with Siebert Williams Shank serving as the offering’s co-manager.
According to Bloomberg, at the IPO price, Bowhead’s market valuation surpasses $500m based on the outstanding shares detailed in its filings with the US Securities and Exchange Commission.
Founded in 2020 by CEO Stephen Sills, Bowhead specialises in underwriting casualty, professional liability and healthcare claims.
