
Warburg Pincus-Backed Fortegra Files for IPO
Warburg Pincus is targeting a $1.5 billion valuation for its portfolio company, Fortegra Group, as it prepares for a public listing on the New York Stock Exchange.
The private equity giant bought into the specialty property and casualty insurer in 2021 through a $200 million strategic investment, taking a roughly 24% stake in the business. Fortegra has priced its IPO between $15 and $18 per share, with the intention to raise up to $324 million, according to a Reuters report.
According to its recent quarterly report, Tiptree, Fortegra’s parent company, owns 79.5% of the company, Warburg Pincus owns 17.5% and managers and directors of Fortegra own the remaining 3%.
Goldman Sachs, JPMorgan, Jefferies and Barclays are the lead underwriters for the IPO.