Skyward Specialty Insurance (SKWD) has set preliminary terms for a proposed $128M initial public offering.
The Houston-based insurer said in a filing that it is considering offering 4.75M shares priced between $14 and $16, which would raise $71.3M if priced at the midpoint. Selling stockholders intend to offer an additional 3.75M shares at the same price, which would amount to $56.3M. Skyward would not receive proceeds from the stockholder sale.
Underwriters would be granted a 30-day option to buy up to 1.3M additional shares from selling stockholders. Barclays and Keefe, Bryette & Woods are serving as lead bookrunners. Joint bookrunners include Piper Sandler, JMP Securities, Truist Securities and Raymond James.
Skyward hopes to list its shares on Nasdaq under the symbol SKWD.
The insurance company has been profitable. For the nine-month period ended Sept. 30, Skyward reported a net income of $19M on revenue of $455M.
For more on Skyward, check out Donovan Jones’s “Skyward Insurance Readies IPO Plan.”
Image and article originally from seekingalpha.com. Read the original article here.