Heritage Insurance Holdings, a Florida-based residential insurance company, announced terms for its IPO on Tuesday. The Clearwater, FL-based company plans to raise $90 million by offering 6.0 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Heritage would command a fully diluted market value of $438 million.
Heritage Insurance Holdings, which was founded in 2012 and booked $136 million in revenue for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol HRTG. Heritage initially filed confidentially on February 13, 2014. Citi is the sole bookrunner on the deal. It is expected to price next week.
