Bowhead Specialty to raise around $106.6m from IPO

Bowhead Specialty, a provider of casualty and professional liability products, has announced the launch of the initial public offering (IPO) of 6,666,667 shares of its common stock, aiming to raise as much as $106.6 million.

The IPO price, according to the registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC), is expected to be between $14.00 and $16.00 per share.

Bowhead’s principal purposes of this offering are to increase the company’s capitalization and financial flexibility, create a public market for its common stock and thereby enable access to the public equity markets for the company and its stockholders.

Additionally, the company intends to use the money raised from this offering to make capital contributions to its insurance company subsidiary to grow its business and for other general corporate purposes.

According to the announcement, underwriters will have a 30-day option to purchase up to an additional 1,000,000 shares of Bowhead’s common stock at the initial offering price, less underwriting discounts and commissions.

Subject to official notice of issuance, the company’s common stock will be listed under the symbol “BOW” on the New York Stock Exchange.

J.P. Morgan, Morgan Stanley and Keefe, Bruyette & Woods, A Stifel Company are acting as joint lead bookrunning managers of the proposed offering and as representatives of the underwriters.

Citizens JMP, RBC Capital Markets and Dowling & Partners Securities, LLC are acting as joint bookrunning managers and Siebert Williams Shank is acting as co-manager for the proposed offering.

It is worth noting that although Bowhead has registered a statement relating to the proposed offering, and it has been filed with the SEC, it has not yet been declared effective.

Securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC.

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