A Texas-based property and casualty insurance broker, TWFG,
The company, which is also known as The Woodlands Financial Group, priced the IPO at $17. TWFG will receive about $168.3 million after underwriting discounts, commissions and expenses. The broker plans to use the proceeds to repay outstanding debt, for potential strategic acquisitions and investments in business and technologies, according to the press release.
TWFG distributes personal and commercial insurance with a focus on small business. It has 400 branches across 17 states and Washington, D.C. with over 2,000 managing general agencies across 41 states.
J.P. Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler are acting as joint lead book-running managers; RBC Capital Markets, UBS Investment Bank, Keefe, Bruyette & Woods, A Stifel Company and William Blair are acting as joint book-running managers; and Dowling & Partners Securities LLC is acting as co-manager for the offering, according to the press release.
