NEW YORK, May 22, 2024--(BUSINESS WIRE)--Bowhead Specialty Holdings Inc. (the "Company", "Bowhead Specialty", "we" or "our") announced today the pricing of its upsized initial public offering of 7,529,412 shares of its common stock at a public offering price of $17.00 per share. The aggregate gross proceeds to the Company from the offering are expected to be $128.0 million before deducting underwriting discounts and commissions and estimated offering expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,129,411 shares of its common stock at the initial offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on May 23, 2024, under the symbol "BOW."

The offering is expected to close on Tuesday, May 28, 2024, subject to the satisfaction of customary closing conditions. The principal purposes of this offering are to increase the Company’s capitalization and financial flexibility, create a public market for its common stock and thereby enable access to the public equity markets for the Company and its stockholders. The Company intends to use the net proceeds received from this offering to make capital contributions to its insurance company subsidiary to grow its business and for other general corporate purposes.

J.P. Morgan, Morgan Stanley and Keefe, Bruyette & Woods, A Stifel Company are acting as joint lead bookrunning managers of the offering and as representatives of the underwriters. Citizens JMP, RBC Capital Markets and Dowling & Partners Securities, LLC are acting as joint bookrunning managers and Siebert Williams Shank is acting as co-manager for the offering.

The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected] and [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or Keefe, Bruyette & Woods, Inc., Attention: Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by email at [email protected], or by telephone at (800) 966 1559.

A registration statement relating to the offering has been filed with the SEC, and became effective on May 22, 2024. Securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.