(Reuters) — The Woodlands Financial Group, an insurance broker backed by reinsurer RenaissanceRe, said Tuesday it aims to raise as much as $176 million in its initial public offering in the U.S.
TWFG is offering 11 million shares at a price range of $14 to $16 each. The share offering comes at a time when the U.S. IPO market is at its strongest since 2021 as investors continue to warm up to new listings.
Founded in 2001 by former insurance agent Gordy Bunch and based in The Woodlands, Texas, TWFG is a retail and wholesale distributor of personal and commercial property/casualty insurance.
The broker, which works with more than 300 insurers, has a presence in 41 states and the District of Columbia. Its business is mainly concentrated in Texas, California and Louisiana.
TWFG also counts Bunch Family Holdings and private investment firm Griffin Highline Capital among its shareholders.
After the offering, entities controlled by TWFG CEO Gordy Bunch will hold 94.4% of the combined voting power in the broker.
The IPO proceeds will be primarily used by TWFG to repay debt and for acquisitions or investments in other businesses.
The company will list on the Nasdaq Global Select Market under the symbol “TWFG.”
The offering is being underwritten by a syndicate of nine Wall Street banks led by J.P. Morgan Securities, Morgan Stanley, BMO Capital Markets and Piper Sandler.
