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07-01-2019, 07:21 AM
Specialty insurer ProSight Global files for an IPO

ProSight Global filed Monday for an initial pubic offering of stock, although details on how many shares will be sold or at what price have yet to be determined. The New Jersey-based specialty insurance company said affiliates of the Goldman Sachs Group Inc. and TPG Capital Management LP and other stockholders will also be offering shares. ProSight said it has applied to list on the New York Stock Exchange under the ticker symbol "PROS." Goldman Sachs, Barclays and BofA Merrill Lynch are the lead underwriters. The company recorded net income of $13.4 million on revenue of $213.0 million for the quarter ended March 31, up from net income of $10.0 million on revenue of $181.0 million a year ago. The company is looking to go public at a time the Renaissance IPO ETF has gained 1.9% over the past three months, while the SPDR S&P Insurance ETF has rallied 8.1% and the S&P 500 has tacked on 2.6%.

https://finance.yahoo.com/m/fa9b4340-1f94-3955-9a3b-6119ee954a54/specialty-insurer-prosight.html?.tsrc=rss