Safepoint Holdings has launched a new initial public offering (IPO) aimed at raising up to $283 million through the issuance of 16,666,667 common shares at an expected price of $15.00 to $17.00 per share.
This includes 6,242,317 shares of the company’s common stock, par value $0.01 per share, and an additional 10,424,350 shares of common stock will be issued to the selling stockholders identified in the prospectus.
In addition, the underwriters have been granted a 30-day option to purchase up to an additional 2,500,000 shares of common stock from Safepoint Holdings at the time of the IPO (less underwriting discounts and commissions).
Safepoint Holdings is a holding company of specialty homeowners and commercial insurance underwriters that manages two reciprocal insurance exchanges (Manatee Insurance Exchange and Cajun Underwriters Reciprocal Exchange) and their wholly-owned operator, Safepoint Insurance Company.
The Company’s common shares have been approved for listing on the New York Stock Exchange under the ticker symbol “SFPT”, subject to the official offering notice.
Deutsche Bank Securities and Morgan Stanley are acting as joint lead book-running managers for the proposed offering. Keefe, Bruyette & Woods, A Stifel Company, Citizens Capital Markets, Piper Sandler, Truist Securities and William Blair are acting as book-running managers for the proposed offering.
Regions Securities LLC, Academy Securities, Huntington Capital Markets, Synovus, Texas Capital Securities and Wedbush Securities are serving as joint underwriters for the proposed offering.