Gold prices hold sharp gains as soft US jobs data fuels Fed rate cut bets
Investing.com -- Accelerant Holdings’ shares surged over 30% in its public debut on Thursday after the company and some of its backers raised $724 million in an upsized U.S. initial public offering.
Shares of the specialty insurance marketplace operator opened for trading at $28.50 each, significantly above its IPO price of $21 apiece. This trading debut gives Accelerant a market value of more than $6 billion, based on the outstanding shares in its filing.
The company and investors, including funds affiliated with Altamont Capital Partners (WA:CPAP), enlarged the deal to 34.5 million shares above the initially marketed range of $18 to $20 per share. The offering reportedly attracted demand for approximately 20 times the available shares.
In the IPO, Accelerant sold 20.3 million shares while existing investors sold 14.2 million shares.
Founded in 2018, Accelerant operates a data-driven risk exchange that connects insurance underwriters with risk capital partners. The company’s platform links selected specialty insurance underwriters with reinsurers, insurers, and institutional investors.