Insurance company TWFG (TWFG.US) priced its IPO at $14-16 per share, planning to raise $165m.
1min read TWFG, a personal and small business property and casualty insurer, announced initial public offering terms. The company plans to offer 1.1 million shares at a price range of $14 to $16, raising $165 million. The company expects to price the week of July 15, 2024.
The company plans to list on the Nasdaq under the symbol TWFG. At the midpoint of the proposed price range, TWFG's fully diluted market capitalization would be $820 million.
TWFG is also known as The Woodlands Financial Group, and sells personal and commercial property and casualty insurance in the United States. Its distribution platform includes 400 branches in 17 states and the District of Columbia that sell its insurance services, and 2,000 MGA agencies in 41 states that sell its TWFG MGA. The company said it is the seventh-largest personal lines agency in the United States by revenue and ranks 26th in all lines of business.
TWFG was founded in 2001 and had $179 million in revenue over the 12 months ending March 31, 2024. J.P. Morgan, Morgan Stanley, Montreal Bank of Canada Capital Markets, Piper Sandler, Royal Bank of Canada Capital Markets, UBS Investment Bank, Keefe Bruyette Woods and William Blair are the joint bookrunners.