TWFG, an insurance broker backed by U.S. reinsurer RenaissanceRe, announced on Wednesday that it has priced its initial public offering (IPO) above its indicated range, targeting to raise approximately $187 million.
The company finalized the pricing of 11 million shares at $17 each, exceeding the marketed range of $14 to $16 per share. This move underscores strong investor interest amidst a robust U.S. IPO market, which has seen significant traction since 2021.
Headquartered in Texas, TWFG operates nationally with a substantial presence in Texas, California, and Louisiana, collaborating with over 300 insurance carriers. The company benefits from rising premiums in recent years, which have bolstered revenues for brokers earning commissions on insurance premiums.
The IPO is underwritten by a syndicate of nine prominent Wall Street banks, led by J.P. Morgan Securities, Morgan Stanley, BMO Capital Markets, and Piper Sandler. TWFG is scheduled to commence trading on the Nasdaq Global Select Market under the ticker symbol “TWFG” starting Thursday.
