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Insurance Broker TWFG’s IPO Seeking $187 Million Gets Underway Today
Shares of Texas-based insurance broker TWFG, Inc. begin trading on the Nasdaq Global Select Market today under the symbol TWFG.
TWFG said it expects to realize gross proceeds of $187 million and net proceeds of approximately $168.3 million from the initial public offering, which is expected to close July 19.
The retail and wholesale insurance broker, which is backed by reinsurer RenaissanceRe, is offering 11 million shares at $17 per share to the public.
Earlier in the week it planned to offer the shares at a price range of $14 to $16 each and raise $176 million.
TWFG has indicated it will use the IPO proceeds to repay debt and to acquire or invest in other businesses.
Upon completion of the initial public offering, TWFG will be the sole managing member of TWFG Holding Company, LLC and will exclusively operate and control all of its business and affairs. Gordy Bunch, TWFG founder and chief executive, will hold 94.4% of the combined voting power in the insurance broker.
TWFG is also known as the Woodlands Financial Group.
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