Bowhead Specialty Announces Pricing of Upsized Initial Public Offering
2024年5月23日 - 8:28AM
ビジネスワイヤ(英語)
Bowhead Specialty Holdings Inc. (the “Company”, “Bowhead
Specialty”, “we” or “our”) announced today the pricing of its
upsized initial public offering of 7,529,412 shares of its common
stock at a public offering price of $17.00 per share. The aggregate
gross proceeds to the Company from the offering are expected to be
$128.0 million before deducting underwriting discounts and
commissions and estimated offering expenses. The Company has
granted the underwriters a 30-day option to purchase up to an
additional 1,129,411 shares of its common stock at the initial
offering price, less underwriting discounts and commissions. The
shares are expected to begin trading on the New York Stock Exchange
on May 23, 2024, under the symbol “BOW.”
The offering is expected to close on Tuesday, May 28, 2024,
subject to the satisfaction of customary closing conditions. The
principal purposes of this offering are to increase the Company’s
capitalization and financial flexibility, create a public market
for its common stock and thereby enable access to the public equity
markets for the Company and its stockholders. The Company intends
to use the net proceeds received from this offering to make capital
contributions to its insurance company subsidiary to grow its
business and for other general corporate purposes.
J.P. Morgan, Morgan Stanley and Keefe, Bruyette & Woods, A
Stifel Company are acting as joint lead bookrunning managers of the
offering and as representatives of the underwriters. Citizens JMP,
RBC Capital Markets and Dowling & Partners Securities, LLC are
acting as joint bookrunning managers and Siebert Williams Shank is
acting as co-manager for the offering.
The offering is being made only by means of a prospectus. Copies
of the final prospectus relating to the offering may be obtained
from: J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email
at prospectus-eq_fi@jpmchase.com and
postsalemanualrequests@broadridge.com; Morgan Stanley & Co.
LLC, Attention: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, NY 10014; or Keefe, Bruyette & Woods, Inc.,
Attention: Capital Markets, 787 Seventh Avenue, 4th Floor, New
York, NY 10019, or by email at uscapitalmarkets@kbw.com, or by
telephone at (800) 966 1559.
A registration statement relating to the offering has been filed
with the SEC, and became effective on May 22, 2024. Securities may
not be sold, nor may offers to buy be accepted, prior to the time
the registration statement is declared effective by the SEC. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any
sale of securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Bowhead Specialty Holdings Inc.
Bowhead Specialty is a growing specialty insurance business
providing casualty and professional liability insurance products.
We were founded and are led by industry veteran Stephen Sills. The
team is composed of highly experienced and respected industry
veterans with decades of individual, successful underwriting and
management experience. We focus on providing “craft” solutions in
our specialty lines and classes of business that we believe require
deep underwriting and claims expertise in order to produce
attractive financial results.
We pride ourselves on the quality and experience of our people,
who are committed to exceeding our partners’ expectations through
excellent service and expertise. Our collaborative culture spans
all functions of our business and allows us to provide a
consistent, positive experience for all of our partners.
Forward-Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical facts contained in
press release are forward-looking statements. In some cases,
forward-looking statements can be identified by terms such as
"anticipates," "believes," "estimates," "expects," "intends,"
"plans," "predicts," "projects," "seeks," "future," "outlook,"
"prospects" "will," "would," "should," "could," "may," "can have"
or similar words. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those contemplated by the forward-looking statements. These
risks include those described under the caption "Risk Factors" in
the Company's registration statement on Form S-1 filed with the
Securities and Exchange Commission. Forward-looking statements
speak only as of the date of this press release and the Company
does not undertake any obligation to update or revise any
forward-looking information to reflect changes in assumptions, the
occurrence of unanticipated events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240522942517/en/
Investor Relations Contact Shirley Yap, Head of Investor
Relations investorrelations@bowheadspecialty.com