Bamboo Insurance targets up to $3.24B valuation in US IPO
Business
Bamboo Insurance, a Utah-based startup, is gearing up to go public in the US targeting a valuation of up to $3.24 billion on a fully diluted basis.
The selling shareholders are seeking up to $700 million by selling 35 million shares at $18 to $20 each, a bold move given the current ups and downs in the market, but insurance companies like Bamboo are still managing to draw investor interest.
Bamboo underwrites homeowners policies for carriers
Launched in 2018, Bamboo focuses on homeowners insurance and acts as a managing general underwriter: basically, they underwrite and distribute policies on behalf of insurance carriers that ultimately bear the claims risk.
Their shares will trade on the NYSE under BMB. The IPO is being backed by big names like J.P. Morgan and Morgan Stanley.