Insurer Bowhead's shares rise 35% in strong market debut (updated)

Bowhead Specialty Holdings

23/05/2024 17:56

(Adds opening figure and background on IPO market throughout)
       May 23 (Reuters) - Shares of insurer Bowhead Specialty
Holdings  BOW.N  rose 35.3% in their debut on the New York Stock
Exchange, giving the company a valuation of about $705.3
million.
    Bowhead debuted at $23 per share compared with an upsized
initial public offering (IPO) price of $17 per share. The firm
sold 7.5 million shares in its offering and raised $128 million.
        The U.S. IPO market, which has been subdued for the past
couple of years, expects a turnaround of fortunes on rising
hopes of a rate cut in the second half of the year and a soft
landing for the economy.

 (Reporting by Pritam Biswas in Bengaluru; Editing by Vijay
Kishore)
 ((Pritam.Biswas@thomsonreuters.com;))