(Bloomberg) -- Specialty property and casualty insurer Bowhead Specialty Holdings Inc. raised $128 million in a US initial public offering after increasing the size of the stock sale and pricing the shares above a marketed range.

Bowhead sold more than 7.5 million shares for $17 each on Wednesday, according to a statement. It had marketed about 6.7 million for $14 to $16 each.

At the IPO price, Bowhead has a market value of more than $500 million based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

Bowhead had net income of $25 million on $283 million of revenue in 2023, compared with net income of $11 million on revenue of $188 million a year earlier, according to the filing.

The company, which describes itself as a remote-friendly organization, had 216 employees across the country as of March 31. Chief Executive Officer Stephen Sills founded Bowhead in 2020 to focus on underwriting casualty, professional liability and health care claims, the filing shows. It counts American Family Mutual Insurance Co. as a strategic partner, and the firm is also an investor.

The company’s largest investor is a fund affiliated with investment firm Gallatin Point Capital, whose co-founder Matthew Botein serves as Bowhead’s chair, the filing shows. Before the size of the share sale was increased, the Gallatin Point fund had been expected to hold about 47.6% of the outstanding shares after the IPO, and AmFam owning around 20%, assuming no exercise of the overallotment option.

The offering is being led by JPMorgan Chase & Co., Morgan Stanley and Keefe, Bruyette & Woods. The company plans for its shares to begin trading Thursday on the New York Stock Exchange under the symbol BOW.

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