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Brokerage BRP Group launches IPO


Shares in Tampa-based brokerage BRP Group Inc. began trading on the Nasdaq exchange on Thursday as it launched an initial public offering that could raise as much as $301.76 million.

The stock began trading on the Nasdaq Global Select Market index under the ticker symbol BRP.

BRP is offering 16.4 million shares of its Class A common stock at a price to the public of $14 per share, the brokerage said in a statement.

The underwriters for the offering also have a 30-day option to purchase up to 2.46 million additional shares, BRP said.

BRP estimates its net proceeds from this offering will be approximately $228.8 million, or $263.1 million if the underwriters exercise their option to purchase additional shares, the brokerage said in an Oct. 21 SEC filing.

BRP initially listed a $14 to $16 per share price range for the IPO in a proposed maximum offering of $100 million, according to an earlier Sept. 23 Securities and Exchange Commission filing.

The offering is expected to close on Oct. 28, subject to customary closing conditions.

BRP serves more than 400,000 clients across the United States and internationally and has more than 40 offices in four states, according to its IPO prospectus.

Baldwin Risk Partners LLC jumped to 44th from 57th in Business Insurance’s 2019 ranking, with $79.8 million in 2018 brokerage revenue. BRP reported organic revenue growth of 18% in 2018, according to an Oct. 21 SEC filing.

J.P. Morgan & Co. and BofA Securities Inc., along with Jefferies and Wells Fargo Securities LLC, are acting a joint book-running managers, and Raymond James Financial Inc. and Keefe, Bruyette & Woods Inc. are acting as co-managers for the offering.