Skyward Specialty Insurance Group Inc. SKWD has set terms for its initial public offering, which is expected to raise up $136.0 million through the sale of 8.5 million shares. The Houston-based commercial property and casualty (P&C) insurer said it is offering 4.75 million shares in the IPO, while selling shareholders are offering 3.75 million shares. The company could see proceeds of up to $76.0 million, as the IPO is expected to price between $14 and $16 a share, and shareholders could raise up to $60.0 million. With about 37.60 million shares expected to be outstanding after the IPO, the expected pricing could value the company at up to $601.60 million. The stock is expected to trade on the Nasdaq under the ticker symbol “SKWD.” Skyward’s IPO is coming at a time of relative investor disdain for IPO shares, as the Renaissance IPO ETF IPO has tumbled 20.6% over the past three months while the S&P 500 SPX has gained 0.9%.
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