May 13 (Reuters) - Insurer Bowhead Specialty is targeting a valuation of about $491 million in its initial public offering in the United States, as it joins a slew of companies preparing to list amid a rebound in the capital markets.
The company is aiming to raise about $106.7 million by selling nearly 6.7 million shares priced between $14 and $16 apiece, it said on Monday.
After a two-year dry spell, the U.S. IPO market is on the road to recovery in 2024, helped by firming bets of a soft landing for the world's largest economy and increasing investor appetite for new listings, although the revival has been uneven so far.
Bowhead was founded in 2020 and has presence across U.S. specialty and casualty insurance markets. It is an affiliate of business and personal insurer American Family Insurance.
Bowhead will list its common stock on the New York Stock Exchange under the symbol "BOW".
J.P. Morgan, Morgan Stanley and Keefe, Bruyette & Woods are the lead underwriters of the offering. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)
