Specialty insurer ProSight Global files for $150m initial public offering

US-based specialty property/casualty insurer ProSight Global has launched its initial public offering (IPO) of approximately 8.8 million shares of common stock on the New York Stock Exchange.

The IPO price is currently expected to be between $16 and $18 per share. The Morristown, New Jersey-headquartered company looks to raise nearly $150 million from the initial public offering.

ProSight is offering 3,529,412 shares of common stock and the selling stockholders are offering 5,294,118 shares of common stock. The selling stockholders expect to grant the underwriters a 30-day option to purchase up to an additional 1,323,528 shares of common stock from the selling stockholders at the IPO price less the underwriting discount.

Goldman Sachs and Barclays will act as joint lead book-running managers for the offering. BofA Merrill Lynch is also acting as a book-running manager for the offering. Dowling & Partners, Keefe, Bruyette & Woods, SunTrust Robinson Humphrey and Citizens Capital Markets will act as co-managers for the offering.

The company announced on June 28 that it filed a registration statement on Form S-1 with US Securities and Exchange Commission relating to a proposed initial public offering of its common stock.

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