(Reuters) – Insurance broker TWFG, backed by U.S. reinsurer RenaissanceRe (NYSE:), said on Wednesday it has priced its initial public offering (IPO) above the stated range in a bid to raise up to $187 million.
TWFG priced its 11 million shares at $17 each, and had them on the market for a range of $14 to $16.
The stock offering comes at a time when the U.S. IPO market is at its strongest since 2021, as investors continue to warm up to new listings.
Texas-based TWFG, which works with more than 300 insurance companies, has a presence in 41 states and the District of Columbia. However, its activities are mainly concentrated in Texas, California and Louisiana.
Rising premiums in recent years have benefited brokers, who typically pocket a percentage of insurance premiums as commission.
The offering is underwritten by a syndicate of nine Wall Street banks led by JP Morgan Securities, Morgan Stanley, BMO Capital Markets and Piper Sandler.
The company will list on the Nasdaq Global Select Market on Thursday under the symbol “TWFG.”
