Safepoint Holdings has launched a new initial public offering (IPO), aiming to raise up to $283 million through the offering of 16,666,667 shares of its common stock at an expected price of between $15.00 and $17.00 per share.
This includes 6,242,317 shares of the company’s common stock, par value $0.01 per share, and selling stockholders identified in the prospectus are offering an additional 10,424,350 shares of common stock.
Additionally, underwriters have also been granted a 30-day option to purchase up to an extra 2,500,000 shares of common stock from Safepoint Holdings at the IPO, less underwriting discounts and commissions.
Safepoint Holdings operates as a holding company of a specialty homeowners and commercial insurance underwriter that manages two reciprocal insurance exchanges, Manatee Insurance Exchange and Cajun Underwriters Reciprocal Exchange, and its wholly owned carrier, Safepoint Insurance Company.
The company’s common stock has been approved for listing on the New York Stock Exchange under the ticker symbol “SFPT,” subject to official notice of issuance.
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 bookrunners for the proposed offering.
Regions Securities LLC, Academy Securities, Huntington Capital Markets, Synovus, Texas Capital Securities and Wedbush Securities are acting as co-managers for the proposed offering.
