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The IPO Buzz: Bowhead Specialty Holdings Launches $100 Million IPO

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Bowhead Specialty Holdings Inc. (BOW Proposed), a New York-based specialty property and casualty insurance company, disclosed terms for its $100 million IPO and launched the deal early today – Monday, May 13, 2024 – for pricing next week. The profitable P&C insurance company is offering 6.67 million shares at a price range of $14.00 to $16.00 to raise $100.0 million, if priced at the $15.00 mid-point. This is a New York Stock Exchange listing. (Please see our IPO Calendar for the pricing date.) Bowhead Specialty Holdings would have a market cap of about $ 460.05 million, based on mid-point pricing at $15.00.   J.P. Morgan, Morgan Stanley and Keefe, Bruyette & Woods are the joint book-runners. Bowhead Specialty Holdings, based in New York, N.Y., offers specialty P&C insurance, professional liability insurance and healthcare risk insurance, the prospectus says:

  • Bowhead’s Casualty Division offers liability insurance to cover risks in the construction, distribution, heavy manufacturing, real estate and hospitality segments;
  • Its Professional Liability Division provides underwriting solutions on both an admitted and an E&S (Excess & Surplus) basis to standard and nonstandard risk for publicly traded and privately held financial institutions and nonprofit organizations, and
  • Its Healthcare Division focuses exclusively on healthcare entities, providing tailored solutions for liability insurance across four major healthcare segments – hospitals, senior care providers, managed care organizations and miscellaneous medical facilities.

The company, founded in 2020, says its ability to write business is “currently largely based on our relationship with AmFam” – a reference to the American Family Mutual Insurance Company, S.I. – according to the prospectus. Bowhead Specialty Holdings is profitable, the prospectus says. For the year ended Dec. 31, 2023, Bowhead Specialty Holdings Inc. reported net income of $25.0 million on revenue of $283.4 million, according to financial statements in the prospectus. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.    


Source: https://www.iposcoop.com/the-ipo-buzz-bowhead-specialty-holdings-launches-100-million-ipo/



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