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Jax Daily Record Tuesday, Apr. 20, 202110:26 AM EST

Fortegra Group expects about $119.5 million from IPO

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The Jacksonville-based insurer could sell shares at $15 to $17.
by: Mark Basch Contributing Writer

The Fortegra Group Inc. revealed details of its proposed initial public offering in an updated Securities and Exchange Commission filing April 20.

The Jacksonville-based specialty insurer said it expects to sell 8.3 million shares of common stock at $15 to $17 each.

Investment company Tiptree Inc., which bought out Fortegra in 2014, will retain 82.7% of the stock after the IPO, the filing said.

Fortegra expects net proceeds of about $119.5 million from the IPO if the shares are sold at the midpoint of its price range.

The company intends to use the proceeds to pay off debt and “to execute our growth strategy,” the filing said.

This will be the second IPO for Fortegra, which first went public in 2010 before the Tiptree buyout.

Fortegra is the second Northeast Florida-based company that likely will launch an IPO in the coming days.

Ponte Vedra-based Treace Medical Concepts Inc. said in an updated filing April 19 it plans to sell 6.25 million shares at $15 to $17 each in its IPO.

Treace, which makes products for bunion surgery, is expected to begin trading at the end of this week, according to financial websites that track IPOs.

Fortegra’s IPO is not expected to be completed this week, according to those websites. 


 

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