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Orion180 launches IPO roadshow seeking up to $340m
The Florida-based specialty insurer plans to sell 20 million Class A shares at $15 to $17, with an underwriters option that could add 3 million shares and lift total gross proceeds to $391m.
Orion180 Insurance has launched a roadshow for its proposed US initial public offering, aiming to raise between $300 million and $340 million in gross proceeds by selling 20 million Class A shares priced at $15 to $17 each, according to Reinsurance News.
The company said it could raise an additional $45 million to $51 million if underwriters exercise their full 30-day option to purchase 3 million extra shares, bringing total gross proceeds to a range of $345 million to $391 million.
Orion180 plans to use net proceeds primarily to increase capitalisation and financial flexibility and to provide capital to grow its business, with a portion potentially used to repay borrowings under its new credit facility.
RBC Capital Markets, UBS Investment Bank, and Raymond James are named as lead book-running managers, with Goldman Sachs & Co. LLC, Deutsche Bank Securities, Citizens Capital Markets, and Texas Capital Securities also serving as book-running managers for the offering.