Skyward Specialty, a P&C insurance holding company of Westaim Corporation, has completed its IPO of 8,952,383 common shares at $15.00 per share for proceeds of approximately $134 million.
This includes 4,750,000 common shares being offered by Skyward Specialty and 4,202,383 common shares being sold by selling shareholders.
The underwriters also have a 30-day option to purchase up to 1,342,857 additional common shares from the selling shareholders at the public offering price, less subscription discounts and commissions.
The shares are expected to start trading on the Nasdaq Global Select Market on January 13, 2023 under the ticker symbol “SKWD”.
The offering is expected to close on/or January 18, 2023, subject to customary closing conditions.
Barclays Capital Inc. and Keefe, Bruyette & Woods, Inc. are acting as joint lead book-running managers for the offering, while Piper Sandler & Co., JMP Securities, A Citizens Company, Truist Securities, Inc. and Raymond James & Associates, Inc. are acting as joint book-running managers.
Academy Securities, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers for the offering.
The Company states that the primary purpose of the IPO is to increase capitalization and financial flexibility and to create a public market for its common stock, thereby providing Skyward Specialty and its shareholders with access to the public stock markets.
It also notes that it intends to use a portion of the net proceeds from this offering to contribute capital to its insurance company affiliates to grow its business and to use the remainder for general corporate purposes.
Skyward Specialty adds that it will not receive any proceeds from the sale of common stock by the selling shareholders.
The company first filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an IPO in November 2022, after filing a draft registration statement in April of this year.
In early 2023, Reinsurance News reported on the IPO announcement at the time, noting the potential that could generate around $150 million in proceeds.
Comments are closed.