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Insurer Orion180 Raises $240M in IPO
18 Sep
Summary
- Orion180 Insurance priced its US IPO at $12 per share, below expectations.
- The company successfully raised $240 million in its initial public offering.
- Founded in 2018, Orion180 offers homeowners insurance in 14 U.S. states.
Orion180 Insurance priced its US initial public offering on Thursday, successfully raising $240 million. However, the offering was priced below its initial target range, set between $15 and $17 per share, with shares sold at $12 each.
The company, founded in 2018 by Kenneth Gregg, specializes in excess and surplus lines homeowners insurance. Orion180 currently operates across 14 U.S. states, with significant markets in Texas, California, and Florida.
This IPO activity occurs as the fall listing season gains momentum, with other insurers like Bamboo Insurance also preparing to go public. Orion180 is set to begin trading on the Nasdaq on Friday under the ticker symbol OIG.
