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Skyward Specialty Insurance (SKWD) became the first company to conduct an initial public offering in 2023, braving the still chilly market waters to raise $135 million through offers from both the company and certain selling shareholders.
Skyward shares open at $18.90 after being priced at $15 per share. The stock recently changed hands at $19.10, up 27% from its IPO price, at approximately 1:15 p.m. ET.
the insurance company offered 4.8 shares at a price of $15 million, grossing $72 million. The selling shareholders offered another 4.2 million shares at the same price. Skyward will not see any proceeds from the shareholder sale.
The underwriters were given a 30-day option to purchase up to an additional 1.3 million shares from selling shareholders at the initial public offering price to cover any over-allotment.
Barclays and Keefe, Bryette & Woods serve as lead book brokers. Joint brokers include Piper Sandler, JMP Securities, Truist Securities and Raymond James.
Earlier this month, Skyward said in a filing that it was seeking to offer 4.8 million shares priced between $14 and $16, with shareholders offering an additional 3.8 million shares.
MGO Global (MGOL), the brand company behind soccer star Lionel Messi, also held its IPO on Friday, raising $7.5 million.
For more information on Skyward, see Donovan Jones’ “Skyward Insurance Readys IPO Plan.”
