Tiptree dips after shelving Fortegra listing plans
07/02/2024 14:07
** Shares of investment manager Tiptree TIPT.O fall 7.6%
to $17.3 premarket as its insurance subsidiary, Fortegra Group,
canceled its IPO
** Tiptree and Warburg Pincus cited prevailing market
conditions and the high value and growth prospectus they place
on Fortegra for the decision
** Fortegra Group was set for market debut on Thursday
aiming for a valuation of up to $1.52 bln
** Tiptree owns a majority stake of 73.1% in Fortegra, while
Warburg Pincus is the second largest shareholder at 24.1%
** Tiptree and Warburg remain committed to supporting
Fortegra - statement
** TIPT previously scrapped its Fortegra listing plans in
2021
** Stock rose 37% in 2023
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))