Advantage Insurance, which provides life insurance to high net worth clients and P&C insurance to SMBs, announced terms for its IPO on Friday.
The San Juan, Puerto Rico-based company plans to raise $100 million by offering 10 million shares at a price range of $9 to $11. At the midpoint of the proposed range, Advantage Insurance would command a fully diluted market value of $208 million.
Advantage Insurance was founded in 1993 and booked $25 million in sales for the 12 months ended September 30, 2017. It plans to list on the NYSE under the symbol AVI. Raymond James, JMP Securities and B. Riley & Co. are the joint bookrunners on the deal. It did not disclose an expected pricing date, and is on our calendar for December 2017.
