Ategrity Specialty Holdings (ASIC) saw its stock price skyrocket by 39.44% during intraday trading on Wednesday, marking a spectacular debut on the New York Stock Exchange. The significant surge comes as the company completed its initial public offering (IPO), attracting substantial investor interest on its first day of public trading.

The New York-based insurance provider raised $113.3 million in its IPO by selling approximately 6.7 million shares at $17 each, exceeding its initially marketed range of $14 to $16 per share. This pricing gave Ategrity Specialty a valuation of $800 million at the time of its IPO. The company plans to use the proceeds to fuel business growth and for other corporate purposes.

Ategrity Specialty, which was launched in 2018 with funding from Zimmer Financial Services Group, specializes in providing excess and surplus insurance to small and medium-sized businesses across the United States. The successful IPO and strong market debut suggest investors are optimistic about the company's growth prospects in the insurance sector. J.P. Morgan and Barclays served as joint lead book-running managers for the offering, further adding credibility to the IPO.