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Orion180 seeks up to $340 million in IPO after Nasdaq filing

The company plans to sell 20 million shares at $15 to $17 each, targeting a valuation of about $1.7 billion at the top of the range.

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Orion180, an insurance company based in Melbourne, Florida, has applied to list on Nasdaq under the ticker OIG and is seeking to raise up to $340 million in its initial public offering, according to Coverager. The insurer plans to offer 20 million shares of Class A common stock at an expected price of $15 to $17 per share. At the top of the price range, Orion180 would be valued at about $1.7 billion, and underwriters have a 30 day option to buy an additional 3 million shares, which could increase gross proceeds to $391 million.

Orion180 expects net proceeds of about $296 million at the midpoint, or $341 million if the option is exercised in full. The company said it intends to use the proceeds for growth and general corporate purposes and may repay some of the $282 million outstanding under its new credit facility.

In describing its business, Orion180 said it is the second largest E&S homeowners insurer in the US by direct written premiums, with operations in 14 states. Coverager also reported that services businesses generate about 70% of revenue, with its in house carriers issuing policies and reinsuring most of the risk, and that founder and CEO Kenneth Gregg is expected to own about 60.5% of shares and control 93.9% of voting power after the IPO.

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