Global specialty insurer and a subsidiary of Tiptree Inc., The Fortegra Group, Inc., has announced the launch of Fortegra’s initial public offering.
According to the announcement, Fortegra has filed a registration statement on Form S-1 with the Securities and Exchange Commission to offer 18,000,000 shares of its common stock to the public.
From what we understand, Fortegra is also planning on granting the underwriters a 30-day option to purchase up to an additional 2,700,000 shares of common stock from the company.
It has also been confirmed, that the price range for the initial public offering is expected to be between $15.00 and $18.00 per share.
In addition, Fortegra has applied to list its common stock on the New York Stock Exchange under the ticker symbol “TFG.”
Fortegra also intends to use the net proceeds it receives from the offering to execute its growth strategy, as well as for working capital and general corporate purposes too.
Goldman Sachs & Co. LLC, J.P. Morgan and Jefferies are acting as joint lead bookrunning managers for the proposed offering.
At the same time, Barclays is acting as joint bookrunning manager for the proposed offering.
While, JMP Securities, A Citizens Company, Keefe, Bruyette & Woods, A Stifel Company, Piper Sandler, Raymond James, Fifth Third Securities and Independence Point Securities are all acting as co-managers for the proposed offering.
In related news, Fortegra recently appointed Eric Halter as Senior Vice President, Business Development.
Halter holds over three and a half decades of experience within the insurance and financial sectors, having most recently served as the Managing Director of AF Specialty.
