Advantage Insurance, which provides life insurance to high-net-worth clients and P&C insurance to SMBs, withdrew its plans for an initial public offering on Friday, citing market conditions. Most recently, it had filed to raise $150 million.
The San Juan, Puerto Rico-based company was founded in 1993 and booked $26 million in sales for the 12 months ended March 31, 2018. It had planned to list on the NYSE under the symbol AVI. Morgan Stanley, Raymond James and RBC Capital Markets were set to be the joint bookrunners on the deal.
