By Michael Loney

May 14 - (The Insurer) - The underwriters of American Integrity Insurance Group’s initial public offering have fully exercised their option to purchase the Florida carrier’s shares.

Tampa-based American Integrity’s common stock began trading on the New York Stock Exchange on May 8 under the ticker symbol AII, with the offering of 6,875,000 shares closing the next day.

The IPO underwriters also exercised in full their option to purchase an additional 1,031,250 shares of common stock from existing stockholders of American Integrity at the offering price of $16.00 per share, less the underwriting discount.

This means a total of 7,906,250 shares of common stock were sold in the IPO, of which 6,250,000 were sold by American Integrity and 1,656,250 were sold by existing stockholders.

That brings the offering’s total proceeds to $126.5 million before the underwriting discount.

American Integrity will not receive any proceeds from the underwriters’ decision to exercise their option to purchase the additional shares of common stock.

KBW, Piper Sandler and William Blair acted as the active bookrunners for the offering. Citizens Capital Markets and Raymond James acted as passive bookrunners, and Oppenheimer acted as a co-manager.

American Integrity’s share price rose as high as $19.45 on the day it floated. But it has since fallen back, closing at $17.41 on Tuesday, up 0.9% from the previous day’s close.

American Integrity floated the same day that Bermudian (re)insurer Aspen listed on the New York Stock Exchange at $20.00 a share.

Aspen’s share price closed at $35.66 on Tuesday, up 2.7% from the previous day’s close.