Tiptree dips after unit Fortegra withdraws US listing plans
07/02/2024 15:09
(Updates)
** Shares of Tiptree TIPT.O fall 18.4% to $15.43 in
morning trade after the investment manager's insurance
subsidiary Fortegra Group withdrew its plans for an initial
public offering in the United States
** Tiptree and shareholder 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 73.1% stake in Fortegra, while Warburg
Pincus is the second largest shareholder with 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;))