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Houston-based insurer Skyward Specialty Insurance Group Inc. said late Thursday it has increased the size of its initial public offering, which could generate $154 million in proceeds.
Shares in Skyward began trading Friday on the Nasdaq Global Select Market under the ticker symbol SKWD, priced at $15 a share, which is the mid-point of the previously announced range. The shares jumped about 25% in initial trading.
The offering consists of 4,750,000 shares of common stock offered by the company, 4,202,383 offered by existing stockholders – a 12% increase over the amount previously allocated for the offering – and 1,342,857 from existing stockholders that underwriters will have the option to buy, up about 5%.
Skyward changed its name from Houston International Insurance Group after a capital raise in 2020.