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Skyward Specialty Insurance (SKWD) became the first company to hold an initial public offering in 2023, braving the still-chilly market waters to raise $135M through offerings by both the company and certain selling stockholders.
Shares of Skyward opened at $18.90 after being priced at $15 per share. The stock hit an early low of $18.21 before climbing to a high of $19.85 in mid-afternoon. It closed at $19.10, up 27% from its IPO price.
The insurance company offered 4.8 shares priced at $15M, raising $72M. Selling shareholders offered another 4.2M shares at the same price. Skyward won't see any proceeds from the stockholder sale.
Underwriters were given a 30-day option to buy up to 1.3M additional shares from the selling shareholders at the IPO price to cover any over-allotments.
Barclays and Keefe, Bryette & Woods are serving as lead bookrunners. Joint bookrunners include Piper Sandler, JMP Securities, Truist Securities and Raymond James.
Earlier this month, Skyward said in a filing that it was looking to offer 4.8M shares priced between $14 and $16, with shareholders offering an additional 3.8M shares.
MGO Global (MGOL), the branding company behind soccer star Lionel Messi's fashion line, also held its IPO on Friday, raising $7.5M.
For more on Skyward, check out Donovan Jones's "Skyward Insurance Readies IPO Plan."