Fortegra Group, a specialty insurance subsidiary of Tiptree Inc. (TIPT), has announced the initiation of its initial public offering. The firm intends to make available 18 million shares of its common stock to the public. Alongside this, they are set to provide the underwriters with a 30-day option for the acquisition of up to an added 2.7 million shares of their common stock. The anticipated price range per share is deemed to be between $15.00 and $18.00.
Fortegra Group aims to utilize the net proceeds to implement its growth strategy as well as to provide for working capital and pursue general corporate purposes. With this in mind, Fortegra has sought to list its common stocks on the New York Stock Exchange, under the ticker, TFG.
