Exzeo Group, an insurance technology company based in Tampa, Florida, US, has raised $168m via an initial public offering (IPO).
It sold eight million shares of its common stock at a public offering price of $21 per share, the midpoint of the targeted range of $20–22 per share.
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According to a Reuters report, the insurtech company’s shares began trading flat during the New York Stock Exchange (NYSE) debut yesterday, diverging from the recent pattern of robust insurance sector IPOs and valuing the company at approximately $1.91bn.
This year, multiple insurance companies including Accelerant and Neptune Insurance have reportedly attracted significant investor interest during their stock market debuts.
Following the offering, Exzeo’s majority shareholder, HCI Group, will continue to hold an 81.5% stake.
Truist Securities served as the lead bookrunner for the IPO, with Citizens Capital Markets and William Blair also participating as active book-running managers.
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By GlobalDataFifth Third Securities contributed as a co-manager.
Exzeo joined a select group of companies proceeding with IPO plans despite the US Federal Government shutdown, which has prevented the Securities and Exchange Commission (SEC) from officially approving new IPO registrations, reported Bloomberg.
In response to the shutdown, the SEC has provided guidance permitting companies to file a price range instead of a set price in their registration documents, allowing the filings to become effective automatically after a 20-day waiting period.
Nevertheless, some companies have opted to delay their IPOs until normal SEC operations resume.
Set up in 2012, Exzeo develops software and analytical solutions for the property and casualty insurance industry.
Its platform is aimed chiefly at carriers in the homeowner’s insurance market and is designed to support functions such as underwriting, policy administration, claims management, analytics and financial reporting.
Exzeo’s filings show that for the first half of this year, it recorded net income of $39.6m on revenue of $108.5m. This compares to net income of $9.1m on revenue of $60.3m over the same period a year ago.
