TRX Insurance Brokers, a Chinese insurance brokerage with a network of 40 insurers, raised $12 million by offering 3 million shares at $4, the low end of the range of $4.00 to $4.50. At pricing, the company commands a market cap of $32 million. Because its market cap is less than $50 million, TRX Insurance Brokers will be excluded from Renaissance Capital's stats.
The company distributes both property and casualty products, life and health products, and other products. It has relationships with over 40 insurance companies in China, including PICC and Ping An Property Insurance.
TRX Insurance Brokers plans to list on the Nasdaq under the symbol TIRX. Network 1 Financial Securities acted as a lead manager on the deal.
