Skyward Specialty Insurance coverage units phrases for proposed $128M IPO

Skyward Specialty Insurance coverage (SKWD) has set preliminary phrases for a proposed $128M preliminary public providing.

The Houston-based insurer stated in a submitting that it’s contemplating providing 4.75M shares priced between $14 and $16, which might elevate $71.3M if priced on the midpoint. Promoting stockholders intend to supply a further 3.75M shares on the similar value, which might quantity to $56.3M. Skyward wouldn’t obtain proceeds from the stockholder sale.

Underwriters can be granted a 30-day possibility to purchase as much as 1.3M extra shares from promoting stockholders. Barclays and Keefe, Bryette & Woods are serving as lead bookrunners. Joint bookrunners embrace Piper Sandler, JMP Securities, Truist Securities and Raymond James.

Skyward hopes to listing its shares on Nasdaq below the image SKWD.

The insurance coverage firm has been worthwhile. For the nine-month interval ended Sept. 30, Skyward reported a web revenue of $19M on income of $455M.

For extra on Skyward, take a look at Donovan Jones’s “Skyward Insurance coverage Readies IPO Plan.”