Safepoint launches IPO

Safepoint announced the launch of its initial public offering of 16.7 million shares of common stock, with an expected price range of $15 to $17 per share. The company plans to list on the New York Stock Exchange under the ticker symbol “SFPT.”

The Tampa-based company operates as a specialty homeowners and commercial insurance underwriter managing reciprocal exchanges Manatee Insurance Exchange and Cajun Underwriters Reciprocal Exchange, alongside Safepoint Insurance Company.

The offering includes approximately 6.2 million shares sold by Safepoint Holdings and about 10.4 million shares offered by existing shareholders. Underwriters also have a 30-day option to purchase up to an additional 2.5 million shares. Deutsche Bank Securities and Morgan Stanley are serving as joint lead book-running managers.