American Integrity Insurance Group (AII) shares opened 15.6% higher than the IPO price on the New York Stock Exchange on Thursday.
Shares of the residential insurance firm, which priced its IPO of 6.9 million common shares at $16.00 per share Wednesday, opened at $18.50 per share on Thursday morning. The shares are up over 14% in recent activity, trading at around $18.3 apiece.
The offering, which is expected to close Friday, consists of 6.3 million shares being sold by the company and 625,000 shares to be sold by existing stockholders. Certain American Integrity shareholders have also granted the underwriters a 30-day option to purchase up to an additional 1.0 million shares.
The company plans to use the proceeds for general corporate purposes. It will not receive any proceeds from the sale of shares by the selling shareholders.
Price: 18.30, Change: +2.30, Percent Change: +14.38
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