Bamboo Insurance Sets IPO Terms for NYSE Listing, Targeting Up to $700 Million

Bamboo Insurance Services, Inc., a managing general underwriter focused on homeowners’ coverage, has launched the roadshow for its initial public offering, setting a price target of $18.00 to $20.00 per share. The company's existing shareholders are set to offer 35,000,000 shares of Class A common stock on the New York Stock Exchange under the ticker symbol "BMB".

Offering Details

At the midpoint of the proposed range, the IPO would raise $665 million. If priced at the top end, the total offering value would reach $700 million. The offering is being managed by a large syndicate of investment banks, with J.P. Morgan and Morgan Stanley serving as the joint lead bookrunning managers.

Key details of the proposed IPO include:

• Shares Offered: 35,000,000 Class A common stock
• Price Range: $18.00 - $20.00 per share
• Exchange: New York Stock Exchange (NYSE)
• Ticker Symbol: BMB

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Additionally, the selling stockholders have granted underwriters a 30-day option to purchase up to an additional 5,250,000 shares at the IPO price. If this option, known as a greenshoe, is fully exercised, it could add another $105 million to the total deal size.

Secondary Sale by Key Investors

The offering is structured as a secondary sale, meaning all shares are being sold by existing investors and the company itself will not receive any proceeds from the IPO. This allows early backers to realize a return on their investment.

The selling stockholders are entities affiliated with private equity firm CVC Capital Partners and White Mountains Insurance Group, Ltd., according to the company's registration statement filed with the U.S. Securities and Exchange Commission (SEC). The filing is not yet effective, and the shares cannot be sold until it is approved.