Ategrity Specialty could raise up to $106.7m from IPO

Ategrity Specialty Holdings LLC has launched its initial public offering (IPO) of 6,666,667 shares of common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the SEC).

Prior to the closing of the offering, the company will convert to a Nevada corporation named Ategrity Specialty Insurance Company Holdings.

The IPO price is expected to range between $14.00 and $16.00 per share, which would raise approximately $93.3 million to $106.7 million.

Ategrity Specialty Holdings also expects to grant the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of common stock at the initial offering price, less underwriting discounts and commissions. This would bring the total to 7,666,667 shares and raise approximately $107.3 million to $122.7 million.

The company has applied to list its common stock on the New York Stock Exchange under the symbol “ASIC,” subject to official notice of issuance.

Through this IPO, Ategrity Specialty Holdings aims to enhance its capitalisation and financial flexibility, establish a public market for its common stock, and use the net proceeds to grow its business and support general corporate purposes. Initially, the company plans to invest the net proceeds in fixed income securities.

J.P. Morgan and Barclays are acting as joint lead bookrunning managers and representatives of the underwriters. Citigroup, TD Securities, and Wells Fargo Securities are serving as joint bookrunning managers.

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