Bamboo Insurance Sets IPO Range at $18-$20 Per Share, Seeks $700mln

Bamboo Insurance Services is seeking to raise $700 million in an IPO to enable its backers to cut their stakes. The company plans to market 35 million shares at $18 to $20 each. Bamboo had a net income of $13.8 million on revenue of $173.4 million for the six months ended June 30. The IPO is expected to price on September 22. The offering is being led by JPMorgan Chase & Co. and Morgan Stanley, and the company expects to trade on the NYSE under the symbol BMB.