ProSight Global (PROS) to Raise $150 Million in IPO
In the last 12 months, ProSight Global generated $901.5 million in revenue and $58.6 million in net income. The company has a market cap of $720.8 million.
Goldman Sachs, Barclays and BofA Merrill Lynch acted as the underwriters for the IPO and Dowling & Partners, Keefe, Bruyette & Woods (A Stifel Company), SunTrust Robinson Humphrey and Citizens Capital Markets were co-managers.
ProSight Global provided the following description of their company for its IPO: ” We are an entrepreneurial specialty insurance company that since our founding in 2009 has built products, services and solutions with the goal of significantly improving the experience and value proposition for our customers. In our view, property and casualty insurance companies and the independent agents who typically distribute their products have operated under a model where carriers have little direct connectivity to their customers and as a result, often have a limited ability and incentive to understand and service customers’ needs, or to innovate and adapt as those insurance needs change. “.
ProSight Global was founded in 2010 and has 392 employees. The company is located at 412 Mt. Kemble Avenue, Suite 300, Morristown, NJ 07960, US and can be reached via phone at (973) 532-1900 or on the web at http://www.prosightspecialty.com.
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