Palomar Holdings, a specialty property insurance provider backed by Genstar Capital, announced terms for its IPO on Monday.
The La Jolla, CA-based company plans to raise $90 million by offering 5.6 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Palomar Holdings would command a market value of $362 million.
Palomar Holdings was founded in 2014 and booked $73 million in revenue for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol PLMR. Barclays, J.P. Morgan and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of April 15, 2019.
