ProSight Global, a specialty P&C insurer that operates seven segments of coverage, announced terms for its IPO on Tuesday.
The Morristown, NJ-based company plans to raise $150 million by offering 8.8 million shares (60% insider) at a price range of $16 to $18. At the midpoint of the proposed range, ProSight Global would command a market value of $720 million.
ProSight Global was founded in 2009 and booked $818 million in total revenue for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol PROS. Goldman Sachs, Barclays and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of July 22, 2019.
