The IPO Buzz: Fidelis Insurance (FIHL) Prices Downsized IPO at $14 – Below Range

Fidelis Insurance Holdings Ltd. (FIHL), the Bermuda-based specialty insurance and reinsurance company, priced its downsized IPO at $14.00 – $2.00 below the bottom of its $16.00-to-$19.00 price range – on Wednesday night (June 28, 2023). The IPO’s size was cut to 15.0 million shares – down from 17.0 million shares in the prospectus. The downsized deal raised $210 million. Fidelis Insurance Holdings’ stock opened at $13.10, down 90 cents or off about 6.4 percent from its $14.00 IPO price, in its debut today (Thursday, June 29, 2023) on the New York Stock Exchange.

The Fidelis IPO’s total amount raised – $210 million – falls short of the $297.5 million in estimated IPO proceeds, had the deal been priced at the $17.50 mid-point of the terms in the prospectus.

At pricing, Fidelis offered more shares and certain existing stockholders offered fewer shares than the amounts cited in the prospectus:

  • Fidelis offered 7.14 million shares – up from 5.71 million shares in the prospectus

  • Certain existing stockholders offered 7.86 million shares – down from 11.29 million shares in the prospectus

Under those revised terms, Fidelis will receive about $100 million in proceeds. The company will not receive any proceeds from the sale of the selling stockholders’ shares.

J.P. Morgan,  Barclays, Jefferies, Keefe, Bruyette & Woods (a Stifel company), BMO Capital Markets,  Citibank and Credit Suisse were the joint book-runners.

IFR reported Wednesday afternoon that the Fidelis Insurance IPO would be priced below range after facing resistance from potential investors on two fronts:

  • About two-thirds of the stock in the IPO was being sold by the company’s private equity backers and other existing shareholders, and

  • Fidelis’ “first-of-its-kind split corporate structure whereby the company going public is providing the balance sheet/capital for a separate underwriting operation led by founder and insurance veteran Richard Brindle. … The underwriting business, known as a managing general underwriter (MGU), is not part of the IPO but will collect commissions and management/performance fees from Fidelis in return for managing its insurance exposures,” IFR’s story says.

Fidelis says in the prospectus that it plans to use the IPO proceeds “to make capital contributions to our insurance operating subsidiaries, which, together with other sources of liquidity, should enable us to take advantage of the ongoing rate hardening in the key markets in which we participate by writing more business under our planned strategy … “

Fidelis Insurance Holdings, based in Hamilton, Bermuda, describes the company as a leading global provider of bespoke and specialty insurance as well as property reinsurance products. Its bespoke insurance business focuses on highly tailored and specialized products, including policies covering credit risk, political risk, political violence and terrorism, limited cyber reinsurance, tax liabilities, title and transactional liabilities. Its specialty insurance business includes aviation, energy, space, marine, contingency and property D&F (natural catastrophe exposure). Fidelis says its reinsurance business focuses primarily on property catastrophe reinsurance.

Fidelis Insurance Holdings Ltd. is profitable. The company earned net income of $62.3 million on revenue of $1.5 billion for the year that ended Dec. 31, 2022.

(For more information about this company, please check the IPO Calendar and the individual IPO Profiles found on’s website.)


Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: then scroll down to IPO Message. 


Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.


Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.