Bamboo launches IPO roadshow

Bamboo Insurance  has launched the roadshow for its proposed initial public offering.

The homeowners insurance MGU plans to offer 35 million shares at an expected price of $18 to $20 per share, valuing the offering at between $630 million and $700 million. The underwriters will have an option to purchase an additional 5.25 million shares, potentially increasing the offering to as much as $805 million.

The offering consists entirely of secondary shares sold by entities affiliated with CVC Capital Partners and White Mountains Insurance Group, meaning Bamboo will not receive any proceeds.

Bamboo has applied to list on the New York Stock Exchange under the ticker “BMB.”

J.P. Morgan and Morgan Stanley are serving as joint lead bookrunning managers. Deutsche Bank Securities, Evercore ISI, and Wells Fargo Securities are acting as active bookrunning managers.