Bowhead Specialty seeks about $491 million valuation in IPO

(Reuters) — Bowhead Specialty is targeting a valuation of about $491 million in its initial public offering in the U.S., as it joins a slew of companies preparing to list amid a rebound in the capital markets.

The insurer is aiming to raise about $106.7 million by selling nearly 6.7 million shares priced between $14 and $16 apiece, it said Monday.

Bowhead was founded in 2020 and has a presence across U.S. specialty and casualty insurance markets. It is an affiliate of business and personal insurer American Family Insurance.

Bowhead will list its common stock on the New York Stock Exchange under the symbol BOW.

J.P. Morgan, Morgan Stanley and Keefe, Bruyette & Woods are the lead underwriters of the offering.