Shares of Slide Insurance Holdings Inc (SLDE) skyrocketed 23.53% in their Nasdaq debut on Wednesday, following the company's successful initial public offering (IPO). The coastal specialty insurer's strong market reception highlights investor interest in the insurance sector, particularly for companies focusing on underserved markets.

Slide Insurance and some of its existing shareholders raised $408 million in an upsized IPO, selling 24 million shares at $17 each. This was higher than the initially marketed 20 million shares priced between $15 and $17. The company's shares were indicated to open at $34, significantly above the IPO price, demonstrating robust demand from investors.

Founded in 2021 and based in Tampa, Florida, Slide Insurance provides family and condominium insurance policies for coastal states along the Atlantic seaboard. The company's business is heavily concentrated in Florida, a market where some large national insurers have scaled back their presence in recent years due to frequent natural disasters. This focus on a niche market appears to have resonated with investors seeking exposure to specialized insurance providers.

Slide's successful debut marks the fourth insurance IPO in New York since May, indicating a growing appetite for insurance stocks among investors. The company's strong performance on its first trading day suggests that the market sees potential in its business model and growth prospects in the challenging coastal insurance market.