IPOs
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Sources said the Floridian insurer has been working with Deutsche Bank on the listing preparations.
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MGAs going public is now a viable option, but dominating a market comes first.
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The $21/share pricing falls in the middle of the expected range.
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The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.
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Neptune’s stock price jumped 25% on the first day of trading.
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The oversubscribed IPO priced at the top end of expected $18-$20 per-share range.
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Sources said they expect the carrier’s listing to raise about $100mn.
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Sources said that the carrier’s listing is expected to raise around ~$100mn.
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The company is estimating its IPO price at $18-$20 per share.
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The company generated $71.4mn in revenue for H1 2025.
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The PE-backed MGA has Morgan Stanley, Bank of America and JPMorgan advising.
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The lawsuit has been filed as sales talks with Sompo yielded a deal.