TWFG is offering 11 million shares, priced between $14 and $16 each. This IPO takes place during a period of heightened US IPO activity, the highest since 2021, as investor interest in new listings grows.
TWFG was founded in 2001 by former insurance agent Gordy Bunch and is based in The Woodlands, Texas. The company serves as a retail and wholesale distributor of personal and commercial property and casualty (P&C) insurance. It collaborates with over 300 insurers and operates in 41 states, plus the District of Columbia, with its main activities concentrated in Texas, California, and Louisiana.
The broker’s shareholders include Bunch Family Holdings and private investment firm Griffin Highline Capital. Post-IPO, entities controlled by TWFG CEO, Gordy Bunch will retain 94.4% of the combined voting power in the broker.
The funds raised from the IPO will primarily be used by TWFG to settle existing mergers and acquisitions (M&A) and to invest in other businesses. TWFG will list on NASDAQ under the symbol “TWFG”.
The offering is being underwritten by a syndicate of nine Wall Street banks, led by J.P. Morgan Securities, Morgan Stanley, BMO Capital Markets, and Piper Sandler.
Source: Insurance Business
