TWFG Insurance coverage, a US-based middleman, has closed its IPO, raking in $187m.
The corporate provided 11 million shares of Class A standard inventory at $17 every, excluding underwriting reductions and commissions.
These shares commenced buying and selling on the Nasdaq World Choose Market on 18 July 2024 below the ticker ‘TWFG’.
Following the IPO’s completion, TWFG turned the only real managing member of TWFG Holding Firm, gaining unique management over its enterprise operations.
Established in 2001, TWFG (The Woodlands Monetary Group) is an impartial distributor of private and business insurance coverage merchandise within the US.
The corporate gives an array of insurance coverage options.
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The most recent providing comes amid a sturdy US IPO market, the strongest since 2021, as investor curiosity in new listings continues to develop, in response to Reuters.
TWFG, headquartered in Texas, collaborates with greater than 300 insurance coverage carriers and has a footprint throughout 41 states and the District of Columbia, with important enterprise concentrations in Texas, California and Louisiana.
The insurance coverage brokerage business has seen a optimistic affect from rising premiums lately, with brokers benefitting from commissions which can be usually a share of the insurance coverage premiums.
TWFG plans to allocate the IPO proceeds in direction of paying charges and bills associated to the providing and reorganisation transactions, repaying excellent debt below its revolving credit score settlement, and pursuing potential strategic acquisitions or investments in companies or applied sciences that align with its development and growth methods.
The providing noticed a consortium of monetary establishments serving as managers, with J.P. Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler as joint lead book-running managers.
RBC Capital Markets, UBS Funding Financial institution, Keefe, Bruyette & Woods, A Stifel Firm and William Blair acted as joint book-running managers, whereas Dowling & Companions Securities served because the co-manager.
