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Bamboo Insurance postpones IPO citing market conditions
The Midvale, Utah-based home insurer, controlled by CVC Capital Partners, has delayed its listing after a prior postponement and amid mixed IPO performance this year.
Bamboo Insurance Services Inc., a home insurance firm controlled by private equity owner CVC Capital Partners, has postponed its initial public offering, according to people familiar with the matter. The company cited market conditions for the move, and the listing could be revived in the future, the people said.
Bamboo is based in Midvale, Utah, and was founded in 2018. It was valued at $1.75 billion when CVC-advised funds purchased a controlling stake in Bamboo from White Mountains Insurance Group Ltd. last year.
The delay adds to a broader pause among recent US IPO plans, with Holtec Nuclear Corp. also postponing its own IPO for similar reasons. Data compiled by Bloomberg show US IPOs this year have raised $161.4 billion excluding blank-check firms and other financial vehicles, the highest volume since 2021.
Still, results for new listings have been uneven, with shares of five of the 10 largest IPOs this year trading below their IPO prices. This year’s offerings have returned a weighted average 13% gain, below the S&P 500 Index’s roughly 15% return, while Orion180 Insurance Group Inc. raised $240 million last week but remained below its listing price.
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