Skyward Specialty launches IPO offering
Skyward Specialty has recently announced the launch of its initial public offering of its common stock. The offering consists of 4,750,000 shares of common stock offered by Skyward Specialty and 3,750,000 shares of common stock to be sold by certain of Skyward Specialty’s existing stockholders, plus up to an additional 1,275,000 shares to be sold by existing stockholders that the underwriters have the option to purchase. The initial public offering price is expected to be between $14.00 and $16.00 per share. The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol “SKWD.”
Skyward Specialty’s principal purposes of the offering are to increase capitalization and financial flexibility and create a public market for its common stock, thereby enabling access to the public equity markets for the Company and its stockholders. Skyward Specialty intends to use a portion of the net proceeds from this offering to make capital contributions to its insurance company subsidiaries to grow its business, using the remainder for general corporate purposes. Skyward Specialty will not receive any proceeds from any sale of shares of common stock by the selling stockholders.
Barclays Capital Inc. and Keefe, Bruyette & Woods, Inc. are acting as joint lead book-running managers for the proposed offering. Piper Sandler & Co., JMP Securities, A Citizens Company, Truist Securities, Inc., and Raymond James & Associates, Inc., are acting as joint book-running managers for the proposed offering. Academy Securities, Inc. and Siebert Williams Shank & Co. LLC are acting as co-managers for the proposed offering.