TWFG, Inc., a Texas-based insurance broker, began trading on the Nasdaq Global Select Market today under the ticker symbol TWFG.
TWFG intends to receive gross proceeds of $187 million and net proceeds of about $168.3 million from the IPO, which is anticipated to close on July 19.
The retail and wholesale insurance broker, backed by reinsurer RenaissanceRe, is offering 11 million shares to the public for $17 each.
Earlier this week, it sought to raise $176 million by offering shares at a price range of $14 to $16 each.
TWFG intends to use the IPO proceeds to repay debt and acquire or invest in additional businesses.
Following the completion of the first public offering, TWFG will become the only management member of TWFG Holding Company, LLC, operating and controlling all of its business and affairs. Gordy Bunch, TWFG’s founder and CEO, will hold 94.4% of the insurance broker’s combined voting power.
TWFG is also known as The Woodlands Financial Group.