Ategrity Specialty Holdings LLC has announced the launch of its initial public offering of 6,666,667 shares of common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”). The Company will be converted to a Nevada corporation named Ategrity Specialty Insurance Company Holdings prior to the consummation of this offering. The initial public offering price is expected to be between $14.00 and $16.00 per share. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of its common stock at the initial offering price, less underwriting discounts and commissions.
The Company has applied to have its common stock approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol “ASIC.”
The principal purposes of this offering are to increase the Company’s capitalization and financial flexibility and to create a public market for its common stock. The Company intends to use the net proceeds received from this offering to grow its business and for other general corporate purposes. The Company initially intends to invest such net proceeds in fixed income securities.
J.P. Morgan and Barclays are acting as joint lead bookrunning managers of the proposed offering and as representatives of the underwriters. Citigroup, TD Securities, and Wells Fargo Securities are acting as joint bookrunning managers.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com.
A registration statement relating to the proposed offering has been filed with the SEC but has not yet been declared effective. Securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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