Bamboo Insurance launches IPO on NYSE at $18-$20 per share

Bamboo Insurance Services, Inc., a managing general underwriter focused on homeowners' coverage, has launched a roadshow for a proposed initial public offering of 35,000,000 shares of Class A common stock on the New York Stock Exchange under the ticker symbol "BMB."

The offering consists entirely of secondary shares to be sold by entities affiliated with CVC Capital Partners and White Mountains Insurance Group, Ltd. The selling stockholders also expect to grant underwriters a 30-day option to purchase up to an additional 5,250,000 shares at the IPO price, less underwriting discounts and commissions. The offering price is expected to be between $18.00 and $20.00 per share.

J.P. Morgan and Morgan Stanley will serve as joint lead bookrunning managers. Deutsche Bank Securities, Evercore ISI, and Wells Fargo Securities will act as active bookrunning managers. Barclays, Goldman Sachs & Co. LLC, and Piper Sandler will serve as bookrunning managers, while CVC Capital Markets, Dowling & Partners Securities, LLC, and Wedbush Securities will act as co-managers.

The company, based in Midvale, Utah, has filed a registration statement with the Securities and Exchange Commission, which has not yet become effective.

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