American Integrity prices first follow-on
American Integrity Insurance has returned with a US$60m follow-on stock sale that allowed insiders to cash out at a hefty profit.
Keefe Bruyette & Woods, Piper Sandler and William Blair led an all-secondary offering of 3m shares late Wednesday priced at US$20, a 3.7% discount to the previous US$20.76 closing price and a 17.2% file-to-offer discount, after two days of marketing.
The same banks took American Integrity public at US$16 back in May, with lockups expiring during the US government shutdown on November 7.
“The shutdown put a lot of these deals on hold,” one ECM banker told IFR. “It’s good to see that American Integrity was able to get out so quickly.”
Selling shareholders led by James Sowell, who helped fund the Florida-focused flood insurer’s growth, recognised a 25% gain on the IPO price. American Integrity shares closed Wednesday at US$20.76, just above the offer price.
Having made it through the 2025 Atlantic hurricane season relatively unscathed (no major storms in Florida), American Integrity posted solid third-quarter results as its net income nearly tripled to US$13.2m and revenue grew by 33% from a year ago.