Hagerty (HGTY) shares surged 5.89% in pre-market trading on Friday, following the announcement of an upsized secondary offering. The company, known for its specialty insurance and lifestyle brand for classic car enthusiasts, has priced the offering at $9.34 per share.

According to the company's statement, the secondary offering consists of 9.7 million Class A common shares, with underwriters granted a 30-day option to purchase up to an additional 1.46 million shares. The shares are being sold by Hagerty Holding and Aldel, with Hagerty itself not receiving any proceeds from the sale.

Investors appear to be reacting positively to this news, possibly viewing it as a sign of strong demand for Hagerty's shares. The upsizing of the offering from its original size could be interpreted as increased interest from institutional investors. Additionally, the fact that Hagerty Holding plans to use its proceeds to redeem shares for the benefit of the estate of Kim Hagerty may be seen as a strategic move that could potentially benefit the company's share structure.