TIPT - Tiptree: Another Fortegra IPO Pulled Disappointing But Value Still Building
2024-02-08 13:13:19 ET
Summary
- Fortegra IPO pulled, shocking turn of events.
- Q4 numbers show strong performance for Tiptree.
- Possibility of exposing Fortegra's value through alternative route.
Fortegra IPO Pulled
This morning Tiptree ( TIPT ) announced that it was pulling its IPO of Fortegra. This was a shocking turn of events. As of market close yesterday, I believe that the deal was oversubscribed by a fairly healthy margin at the low end of the proposed $15-$18 range, meaning orders for more than the 18 million shares had been submitted at around $15/share. The roadshow was just finishing up and underwriters were just waiting for late orders to come in....
Tiptree: Another Fortegra IPO Pulled, Disappointing But Value Still Building