Insurance broker TWFG aims to raise up to $176 mln in US IPO (updated)

RenaissanceRe Holdings

09/07/2024 12:16

(Adds details on IPO throughout)
       July 9 (Reuters) - Insurance broker TWFG, backed by
reinsurer RenaissanceRe  RNR.N , said on Tuesday it is aiming to
raise as much as $176 million in its initial public offering in
the United States.
    TWFG is offering 11 million shares at a price range of $14
to $16 each.
    The share offering comes as the U.S. IPO market is at its
strongest since 2021 as investors continue to warm up to new
listings.
    The company will list on the Nasdaq Global Select Market
under the symbol "TWFG".
    The offering is being underwritten by a syndicate of nine
Wall Street banks led by J.P. Morgan Securities, Morgan Stanley,
BMO Capital Markets and Piper Sandler.

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Shounak Dasgupta)
 ((ArasuKannagi.Basil@thomsonreuters.com))