Bowhead Specialty’s shares rise 35% in strong market debut

(Reuters) – Shares of Bowhead Specialty Holdings Inc. rose 35.3% in their debut on the New York Stock Exchange, giving the company a valuation of about $705.3 million.

Bowhead debuted at $23 per share compared with an upsized initial public offering price of $17 per share. The firm sold 7.5 million shares in its offering and raised $128 million.

The U.S. IPO market, which has been subdued for the past couple of years, expects a turnaround of fortunes on rising hopes of a rate cut in the second half of the year and a soft landing for the economy.