Oct 16 (Reuters) – Insurance technology firm Exzeo Group said on Thursday it was targeting a valuation of up to $2 billion in its U.S. initial public offering, becoming the latest company to proceed with its listing plans despite the ongoing government shutdown.
The Tampa, Florida-based company is aiming to raise as much as $176 million in its IPO by offering 8 million shares priced between $20 and $22 apiece.
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“While the SEC’s updated guidance issued last week was welcome, its utility is really limited to a handful of companies,” said Edward Best, co-head of capital markets group at Willkie Farr & Gallagher.
Companies moving ahead with IPO roadshows and pricing now are those that are near the end of SEC review and confident they won’t receive major new comments, he added.
Exzeo’s current structure is “not ideal for either valuation purposes or competitive reasons”, HCI Chief Financial Officer Mark Harmsworth had said in August.
Previously known as TypTap Insurance, Exzeo provides technology to streamline and automate the interaction between insurance carriers and their policyholders.
Exzeo aims to list on the New York Stock Exchange under the symbol “XZO”. Truist Securities, Citizens Capital Markets and William Blair are the joint bookrunning managers for the offering.
Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar and Tasim Zahid
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