Ategrity launches New York IPO with $14 to $16 expected price range

By Michael Jones

June 3 - (The Insurer) - E&S carrier Ategrity Specialty Holdings (ASIC) has launched its initial public offering of 6,666,667 shares of common stock pursuant to a registration statement on Form S-1 filed with the SEC, the company announced on Tuesday.

The IPO, which ASIC initially filed for in March, is expected to be priced between $14.00 and $16.00 per share and have its common stock listed on the New York Stock Exchange under the symbol "ASIC". This suggests proceeds of around $100 million at the middle of that range.

The announcement said the company will be converted into a Nevada corporation named Ategrity Specialty Insurance Holdings prior to the consummation of the offering.

ASIC expects to grant the underwriters a 30-day option to purchase up to an additional 1 million shares of its common stock at the initial offering price.

The company said the principal purposes of the offering are to increase the company's capitalisation and financial flexibility.

It intends to use the net proceeds from the offering to grow its business and for other general corporate purposes, with initial net proceeds intended to be invested in fixed income securities.

JP Morgan and Barclays are acting as joint lead bookrunning managers of the proposed offering and as representatives of the underwriters. Citigroup, TD Securities and Wells Fargo Securities are acting as joint bookrunning managers.

The launch of the IPO follows Bermudian (re)insurer Aspen and Florida carrier American Integrity floating in early May, and fellow Florida carrier Slide filing a Form S-1 later that month.