Seattle-based Seabright Insurance Holdings Inc. raised $78.8 million in their initial public offering Jan. 20, with shares priced at the high end of the expected range, Reuters reported. Seabright recently entered the California workers’ comp market.
Seabright had filed to offer 7.5 million shares in the range of $9 – $11 per share when they announced their terms in early December of 2004. The IPO priced the shares at $10.50 per share, raising the $78.8 million.
The lead underwriter was Friedman Billings, co-managed by Piper Jaffray and Cochran Caronia, according to Forbes.com.
The workers’ compensation insurer expects to list on Nasdaq under ticker symbol “SEAB” on Jan. 21. The underwriters have the opportunity to purchase an extra 1.125 million shares to cover over-allotments.
Seabright said it will use net proceeds from the IPO to add capital to its insurance company subsidiary, as well as for general corporate purposes.
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