WASHINGTON (dpa-AFX) - HCI Group, Inc. (HCI) announced Thursday that its majority owned subsidiary, Exzeo Group, Inc., has launched its initial public offering or IPO, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission.
Exzeo is offering 8.0 million shares of its common stock in the IPO. All shares being offered are primary shares, and HCI Group will retain majority ownership following the IPO.
Exzeo intends to grant the underwriters a 30-day option to purchase up to an additional 1.2 million common shares at the IPO price, less underwriting discounts and commissions.
The IPO price is currently expected to be between $20.00 and $22.00 per share. Exzeo has applied to list its common stock on the New York Stock Exchange under the ticker symbol 'XZO'.
For the proposed offering, Truist Securities is acting as lead left bookrunner as well as Citizens Capital Markets and William Blair are acting as joint active book-running managers and Fifth Third Securities is acting as a co-manager.
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