Conifer Holdings Prices IPO At $10.50/shr - Quick Facts

(RTTNews) - Conifer Holdings Inc.(CNFR) announced that it priced its initial public offering of 3.10 million shares of its common stock at a price to the public of $10.50 per share. The shares will begin trading on the Nasdaq Global Market this morning, under the ticker symbol "CNFR."

All of the 3.10 million shares in the offering are offered by Conifer Holdings. The underwriters also have been granted a 30-day over-allotment option to purchase up to an additional 465,000 shares from the company on the same terms and conditions.

The shares are expected to be delivered on or about August 18, 2015, subject to customary closing conditions.

The company expects net proceeds from this offering to be about $28.8 million. If the underwriters exercise their overallotment option in full, the net proceeds to Conifer Holdings would be about $33.3 million.

The company noted that it intends to use the funds primarily to pay down senior debt, to purchase outstanding preferred stock and pay accrued preferred stock dividends, to fund the growth of its operating subsidiaries and for general corporate purposes.

Conifer Holdings is a Michigan-based insurance holding company founded in 2009. Through its insurance subsidiaries, Conifer offers both commercial and personal specialty insurance products. Conifer Holdings' subsidiaries market and sell these insurance products through a growing network of over 4,500 independent agents who distribute policies through their approximately 2,200 sales offices, writing business in 44 states.