Ategrity Specialty Insurance IPO to raise $113.3m

Ategrity Specialty Insurance Company Holdings, formerly known as Ategrity Specialty Holdings LLC, launched its initial public offering (IPO) of 6,666,667 shares earlier this month and has now confirmed the offering pricing at $17 per share, which is above the previous range of $14 to $16 per share.

It is estimated that the aggregate gross proceeds to the company from the offering will be around $113.3 million before deducting underwriting discounts and commissions and estimated offering expenses.

Ategrity has granted the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of its common stock at the IPO price, less underwriting discounts and commissions. The additional shares would raise another $17 million.

The company also confirmed that the shares are expected to begin trading on the New York Stock Exchange on June 11th, 2025, under the symbol “ASIC.”

The offering is expected to close on June 12th, 2025, subject to the satisfaction of customary closing conditions.

The firm has stated that the purpose of this offering is to increase its capitalisation and financial flexibility and to create a public market for its common stock.

The net proceeds are expected to be used to grow its business and for other general corporate purposes, and to initially invest in fixed income securities.

J.P. Morgan and Barclays are acting as joint lead bookrunning managers of the offering and as representatives of the underwriters.

Citigroup, TD Securities, and Wells Fargo Securities are acting as joint bookrunning managers.

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