Orion180 Insurance, a founder-led, technology-focused, high-growth, high-margin specialty insurance group, has launched the roadshow for its proposed US initial public offering, seeking to raise $300 million to $340 million in gross proceeds from the sale of 20 million Class A shares priced at $15 to $17 each.
The Florida-based specialty insurer could raise a further $45 million to $51 million if underwriters exercise their full 30-day option to purchase an additional 3 million shares, which would bring total gross proceeds to $345 million-$391 million.
Orion180 said the net proceeds will primarily be used to increase capitalisation and financial flexibility and provide capital to grow the business, while a portion could be used to repay borrowings under its new credit facility. The company has not specified how much of the proceeds would be allocated to each purpose.
Orion180 added, “This expected use of net proceeds from this offering represents our intentions based on our current plans and business conditions, which could change in the future as our plans and business conditions evolve.
“As a result, our management will retain broad discretion over the use of the net proceeds from the sale of shares of Class A common stock by us in this offering and our existing cash and cash equivalents.”
RBC Capital Markets, UBS Investment Bank and Raymond James will reportedly act as lead book-running managers, and Goldman Sachs & Co. LLC, Deutsche Bank Securities, Citizens Capital Markets and Texas Capital Securities will act as book-running managers for the proposed offering.
Orion180 has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “OIG.”
