Hamilton Seeks Up to $2 Billion Valuation in Next IPO Test

Hamilton Insurance Group Ltd. is seeking to raise as much as $270 million in an initial public offering that could mark one of the last major tests of investor appetite for new listings this year.

The specialty insurer will offer 6.25 million Class B shares, as well as 8.75 million shares from existing shareholders, at $16 to $18 apiece, it said in a Securities and Exchange Commission filing on Wednesday. Pricing at the top end of that range will value Hamilton at about $2 billion.

Hamilton’s decision to push ahead with a listing comes at an uncertain time for US IPOs after shaky recent debuts from high-profile issuers, including Arm Holdings Plc and Birkenstock Holding Plc.

Some IPO candidates, including KKR & Co.-backed BrightSpring Health Services Inc. and cloud and data security startup Rubrik Inc. — have been reviewing timelines for potential listings amid stock market declines, persistently high rates, and an escalating conflict in the Middle East.

EQT AB-owned healthcare payments company Waystar Holding Corp., which was set to launch its investor roadshow this week, has delayed its offering until December at the earliest, the Wall Street Journal reported Tuesday.

Founded in 2013, Bermuda-headquartered Hamilton underwrites specialty insurance and reinsurance risks globally through its subsidiaries.

The company’s IPO is being led by Barclays Plc and Morgan Stanley, with Citigroup Inc., Wells Fargo & Co., BMO Capital Markets, Dowling & Partners Securities, JMP Securities, Keefe, Bruyette & Woods Inc. and Commerzbank AG also acting as bookrunners.

Source: Yahoo Finance