Orion180 Insurance slips in debut after below range US IPO
OIG•Orion180 Insurance falls in Nasdaq debut
Orion180 Insurance's OIG.O shares fell 5% to $11.41 in their Nasdaq debut after the company priced its U.S. initial public offering below the marketed range.
- The stock opened at $11.50 apiece versus the $12 IPO price.
- Melbourne, Florida-based Orion180 sold 20 million shares below the marketed range of $15 to $17 apiece.
- RBC Capital Markets, UBS Investment Bank and Raymond James were the lead book-running managers for the offering.
- Founded in 2018 by Kenneth Gregg, Orion180 provides excess and surplus lines homeowners insurance across 14 U.S. states. Its key markets include Texas, California and Florida.
- The firm currently focuses on homeowners and residential flood insurance markets, generating roughly $601 million of managed premiums written in the last 12 months ended June 30.
