Skyward Specialty, a P&C insurer, has announced the pricing of its upsized follow-on offering of 5,000,000 shares of its common stock, with 2,150,000 shares being offered by Skyward Specialty and an upsized 2,850,000 shares being sold by Skyward Specialty’s existing stockholder – The Westaim Corporation at $30.50 per share.
Earlier this week, the company announced a follow-on offering of 2.15 million shares of its common stock as, the business looks to target further growth opportunities.
At the same time, Westaim also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares.
According to the announcement, the offering is expected to close on November 20, 2023 subject to customary closing conditions.
Skyward Specialty will not receive any of the proceeds from the sale of the shares by Westaim.
Barclays, Keefe, Bruyette & Woods, Inc., A Stifel Company and Jefferies, are all acting as joint lead book-running managers for the proposed offering.
While Piper Sandler, JMP Securities, A Citizens Company, Truist Securities, Raymond James, BMO Capital Markets and Wolfe | Nomura Alliance are acting as joint book-running managers for the proposed offering.
Earlier this year, Skyward Specialty launched its initial public offering (IPO) of its common stock. This was expected at $14.00 and $16.00 per share, with the potential to generate top-end proceeds of around $150 million.
Further, in their results for the third quarter of 2023, Skyward Specialty posted a net income of $21.7 million, compared to a net loss of $2.4 million for the same period last year.
