Orion180 Insurance slips in debut after below range US IPO
BUZZ-Orion180 Insurance slips in debut after below range US IPO ** Orion180 Insurance's OIG.O shares fall 5% to $11.41 in Nasdaq debut after below range US IPO
** Stock opened at $11.50 apiece vs $12 IPO price
** Melbourne, Florida-based OIG sold 20 million shares below marketed range of $15 to $17 apiece
** RBC Capital Markets, UBS Investment Bank and Raymond James were lead book-running managers for offering
** Founded in 2018 by Kenneth Gregg, Orion180 provides excess and surplus lines homeowners insurance across 14 U.S. states. Its key markets include Texas, California, and Florida
** The firm currently focuses on homeowners and residential flood insurance markets, generating roughly $601 million of managed premiums written in last 12 months ended June 30
(Reporting by Arasu Kannagi Basil in Bengaluru)