Specialty insurer Fortegra aims for up to $1.52 billion valuation in IPO

(Reuters) — Fortegra Group, backed by private-equity firm Warburg Pincus, is targeting a valuation of up to $1.52 billion as it prepares for its initial public offering in New York, the specialty insurance company said Monday.

The company plans to sell 18 million shares, priced between $15 and $18 apiece, and raise about $324 million at the top end, a filing with the U.S. Securities and Exchange Commission said.

Jacksonville, Florida-based Fortegra Group plans to list its shares on the New York Stock Exchange (NYSE) under the symbol TFG.

Goldman Sachs, JPMorgan, Jefferies and Barclays are the lead underwriters for the IPO.

The IPO market is looking for a rebound after a two-year spell of economic uncertainty and high interest rates. However, recent new listings, including that of health care company BrightSpring and Morgan Stanley Direct Lending Fund, indicate that caution among investors is still there and might hurt the IPO market’s recovery hopes.