Fortegra Financial Corp., which provides payment protection products and back-office services for insurers, lowered the proposed deal size for its upcoming IPO on Thursday. The Jacksonville, FL-based company now plans to raise $66 million by offering 6 million shares at an estimated price of $11 per share. The company had previously filed to offer 7.7 million shares at a range of $14-$16, with the additional shares to be sold by existing shareholders. At the mid-point of the revised range, Fortegra will raise -43% fewer proceeds than previously anticipated. Fortegra, which was founded in 1981 and booked $94 million in sales for the 12 months ended June 30, plans to list on the NYSE under the symbol FRF. Piper Jaffray and Suntrust Robinson Humphrey are the lead underwriters on the deal, which is expected to price tonight after the market close. Of the six IPOs that have been been completed so far this week, only iSoftStone (ISS), a China-based outsourced IT services provider, did not price below the midpoint of its initially proposed range.
