Bamboo Insurance Services Files for $3.24 Billion IPO

Bamboo Insurance Services, a managing general underwriter based in Midvale, Utah, has filed for an initial public offering on the New York Stock Exchange under the symbol BMB. The company is targeting a valuation of up to $3.24 billion on a fully diluted basis.

Selling shareholders intend to raise up to $700 million by offering 35 million shares, with a proposed price range between $18 and $20 per share. Founded in 2018 and led by John Chu, the firm specializes in the residential property market. It notably captured approximately 4% of the California homeowners insurance market after other insurers exited the region due to recurring wildfires.

The filing follows a majority stake acquisition last year by CVC, a European private equity firm, which purchased the interest from White Mountains Insurance Group at a valuation of $1.75 billion. J.P. Morgan, Morgan Stanley, Deutsche Bank Securities, Evercore ISI, and Wells Fargo Securities are serving as underwriters for the offering.