Pelagos Insurance Capital Ltd

Pelagos Insurance Capital Ltd (FIHL) priced its initial public offering on Jun 30, 2023 at $14.00 per share, below its $16.00–$19.00 range, raising $210M, and listed on NYSE. At the IPO price its market capitalization was about $1.65B. J.P. Morgan was lead-left underwriter, joined by Barclays, Jefferies and Stifel and others. Willkie Farr & Gallagher and Conyers Dill & Pearman advised the company and Latham & Watkins advised the underwriters.

At its 2023 IPO, Fidelis Insurance Holdings (now Pelagos Insurance Capital Ltd) was an insurance group with regulated insurers in England and Wales, Bermuda, where it is a Class 4 insurer, and Ireland, which offers non-life insurance into the European Economic Area.

Status

IPO

Ticker

FIHL

Exchange

NYSE

Priced

Jun 30, 2023

IPO price

$14.00

Price range

$16.00–$19.00

Raised

$210M

Market cap at IPO price

$1.65B

First filed

Apr 14, 2023

Underwriters

J.P. Morgan, Barclays, Jefferies, Stifel, BMO Capital Markets, Citigroup, UBS and Citizens JMP

Company counsel

Willkie Farr & Gallagher and Conyers Dill & Pearman

Underwriters' counsel

Latham & Watkins

Sector

Financials

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.