Ategrity Specialty Holdings (ASIC) made a spectacular debut on the New York Stock Exchange on Wednesday, with its stock price soaring 39.44% in intraday trading. This impressive performance comes on the heels of the company's successful initial public offering (IPO) that raised $113.3 million.

The New York-based insurance provider priced its IPO at $17 per share, exceeding the initially marketed range of $14 to $16. Ategrity Specialty sold approximately 6.7 million shares, securing a valuation of $800 million at the IPO price. The strong investor demand and the pricing above the expected range likely contributed to the stock's robust performance on its first day of trading.

Ategrity Specialty, which provides excess and surplus insurance to small and medium-sized businesses across the United States, plans to use the IPO proceeds to grow its business. The company, launched in 2018 with funding from Zimmer Financial Services Group, is positioning itself for expansion in the competitive insurance market. J.P. Morgan and Barclays served as joint lead book-running managers for the offering, adding credibility to the IPO.