Conifer Holdings, a specialty property insurance provider led by executives from North Pointe, lowered the proposed deal size for its upcoming IPO on Wednesday. The Birmingham, MI-based company now plans to raise $37 million by offering 3.1 million shares at a price range of $11 to $13. The company had previously filed to offer 4.6 million shares at a range of $11 to $13. At the midpoint of the revised range, Conifer Holdings would raise 33% less than previously anticipated.
Conifer Holdings, which was founded in 2009 and booked $63 million in sales for the 12 months ended March 31, 2015, plans to list on the Nasdaq under the symbol CNFR. Conifer Holdings initially filed confidentially on 5/7/2015. BMO Capital Markets and Raymond James are the joint bookrunners on the deal.
