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Fidelis Insurance Holdings Eyes Growth with $17M Share IPO in $16-$19 Bracket

Amid robust market dynamics, Fidelis Insurance Holdings Limited (FIHL) initiated a promising initial public offering of 17 million common shares.

Fidelis Insurance Holdings logo
Fidelis Insurance Holdings logo

The IPO Breakdown

Fidelis Insurance Holdings Limited unveiled plans today for its initial public offering (IPO) of 17,000,000 common shares. The offering is partitioned between 5,714,286 common shares issued by the company and 11,285,714 shares set to be sold by existing shareholders. Notably, the underwriters have a 30-day window to purchase an extra 2,550,000 shares from the selling stakeholders. The shares are likely priced between USD 16.00 and USD 19.00 per share and will trade under the ticker symbol "FIHL" on the New York Stock Exchange.

Utilization of Proceeds

FIHL plans to channel the net proceeds from the offering into capital contributions for its insurance operating subsidiaries. Coupled with other liquidity sources, this should equip the company to exploit the current rate hardening in its key markets. This, in turn, enables the company to write more business per its strategic plan. It is crucial to note that the company will not retain any proceeds from the shares sold by existing shareholders.

Key Stakeholders in the Offering

Among the key participants in the proposed offering are J.P. Morgan, Barclays, and Jefferies, who serve as Joint Lead Bookrunning Managers. Keefe, Bruyette & Woods, a Stifel company, BMO Capital Markets, Citigroup, and UBS Investment Bank are acting as Joint Bookrunning Managers, while JMP Securities, A Citizens Company, and Dowling & Partners Securities are co-managing the offering.

The common shares will be offered only through a prospectus, which can be obtained from J.P. Morgan Securities LLC, Barclays Capital Inc., and Jefferies LLC. The proposed IPO is still awaiting approval from the U.S. Securities and Exchange Commission. As such, shares can only be sold or offered for purchase once the registration statement becomes effective. This press release is not an offer to sell or a solicitation to buy the common shares, and any such transactions must comply with the registration requirements of the Securities Act of 1933, as amended.