Fortegra shelves IPO plans again amid economic uncertainty
(Reuters) — Specialty insurance company Fortegra Group has withdrawn its plans for an initial public offering in the United States, a regulatory filing showed Wednesday, nearly three years after the company scrapped its earlier listing plans.
The move by Fortegra, a unit of investment manager Tiptree Inc., underscores a pessimism in capital markets due to poor performance of newly minted public companies.
The Warburg Pincus-backed company aimed for a valuation of up to $1.52 billion last month.
Shares of Tiptree slipped 3% before the bell Wednesday after Fortegra cited “prevailing market conditions and the high value Tiptree and Warburg Pincus place on Fortegra and its growth prospects” for withdrawing its IPO plans.
The Jacksonville, Florida-based company had previously filed with the U.S. Securities and Exchange Commission to sell 18 million shares, priced between $15 and $18 apiece, and raise about $324 million at the top end.
