Bamboo Insurance Postpones IPO Due to Market Volatility

Bamboo Insurance Services Inc. postponed its planned initial public offering on the New York Stock Exchange, citing current market conditions. The home insurance company, based in Midvale, Utah, intended to trade under the symbol BMB with JPMorgan Chase & Co. and Morgan Stanley leading the offering.

Controlled by private equity firm CVC Capital Partners, the company was valued at $1.75 billion when CVC-advised funds acquired a controlling stake from White Mountains Insurance Group Ltd. last year. Bamboo was originally founded in 2018.

The decision follows a similar postponement by Holtec Nuclear Corp. and comes during a period of volatility in the U.S. IPO market, where several large listings have traded below their initial offering prices.