GlobalData
2 min read
Ategrity Specialty Holdings has launched its initial public offering (IPO) of 6,666,667 shares of common stock.
Before the close of this offering, the company will reorganise as a Nevada corporation and will be known as Ategrity Specialty Insurance Company Holdings.
The IPO's price range is expected to be between $14 and $16 per share.
Ategrity Specialty anticipates providing the underwriters with a 30-day option to buy up to an additional one million shares of its common stock at the initial offering price, less underwriting discounts and commissions.
In March, the company applied to go public on the New York Stock Exchange under the ticker symbol ASIC, pending official notice of issuance.
Ategrity, currently domiciled in Delaware, is authorised to offer specific property and casualty insurance products in one state and on a surplus lines’ basis in 48 states and the District of Columbia.
The primary objectives of this offering are to bolster the company's capitalisation and financial flexibility, as well as to establish a public market for its common stock.
Ategrity intends to utilise the net proceeds from this offering to expand its business operations and for other general corporate needs, initially investing the funds in fixed income securities.
For the year 2024, Ategrity reported consolidated net income attributable to members of $47.1m, a 78% surge from $26.5m in 2023.
J.P. Morgan Securities and Barclays Capital are serving as the joint book-running managers for the IPO and as representatives of the underwriters.
Legal matters related to the offering are being managed by Latham & Watkins and Brownstein Hyatt Farber Schreck for Ategrity Specialty, while Skadden, Arps, Slate, Meagher & Flom are advising the underwriters.
"Delaware-based insurer Ategrity launches IPO " was originally created and published by Life Insurance International, a GlobalData owned brand.
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