Clearwater, Florida-based Heritage Insurance Holdings Inc., a property/ casualty insurance holding company, announced the pricing of its initial public offering of 6,000,000 shares of its common stock at a price to the public of $11.00 per share.
In connection with the offering, Heritage said it has granted the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock at the public offering price.
The shares will be listed on the New York Stock Exchange (NYSE) beginning on May 23, 2014 and will trade under the ticker symbol “HRTG.” The offering is expected to close on May 29, 2014, subject to customary closing conditions.
Heritage offers personal residential insurance for single-family homeowners and condominium owners in Florida through independent agents.
Citigroup Global Markets Inc. is serving as the sole book-running manager in the offering. SunTrust Robinson Humphrey, Inc. and Sandler O’Neill & Partners, L.P. are serving as joint lead managers, and Dowling & Partners Securities LLC, JMP Securities LLC and Willis Securities Inc. are co-managers.
Source: Heritage Insurance