Credit: Shutterstock photoAdvantage Insurance, which provides life insurance to high net worth clients and P&C insurance to SMBs, announced terms for its IPO on Friday.
The San Juan, Puerto Rico-based company plans to raise $100 million by offering 10 million shares at a price range of $9 to $11. At the midpoint of the proposed range, Advantage Insurance would command a fully diluted market value of $208 million.
Advantage Insurance was founded in 1993 and booked $25 million in sales for the 12 months ended September 30, 2017. It plans to list on the NYSE under the symbol AVI. Raymond James, JMP Securities and B. Riley & Co. are the joint bookrunners on the deal. It did not disclose an expected pricing date, and is on our calendar for December 2017.
The article Advantage Insurance sets terms for $100 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
