E&S carrier Ategrity's share price jumps 45% on first day of trading 

(The Insurer) - E&S carrier Ategrity Specialty Holdings' share price jumped by 45% to $24.68 on its first day of trading, up from its $17 per share listing price, and after offering 6,666,667 shares of common stock in Wednesday's initial public offering.

Trading under the ticker symbol ASIC, Ategrity's share price reached a $24.94 high during the day.

The offering price of $17 is above the $14 to $16 range that Ategrity had provided on June 3 when launching the IPO.

The aggregate gross proceeds to Ategrity from the offering are expected to be $113.3 million before deducting underwriting discounts and commissions and estimated offering expenses, E&S Insurer reported on Wednesday.

Ategrity has granted the underwriters a 30-day option to purchase up to an additional 1 million shares of its common stock at the IPO price, less underwriting discounts and commissions.

The shares are expected to begin trading on the New York Stock Exchange on June 11 and the offering is expected to close on June 12.

Ategrity is the third insurance carrier to go public in the U.S. this year, following Bermudian (re)insurer Aspen Insurance Holdings Limited and Florida carrier American Integrity Insurance Group, which both floated on the New York Stock Exchange in May.

American Integrity and Aspen, both of which had their market debut on May 8, closed up 5.6% and 8.3% respectively on their first day of trading.

American Integrity priced its IPO of 6.875 million shares at $16 per share, and closed at $16.11 on Wednesday, while Aspen priced its upsized IPO of 13.25 million shares at $30 a piece and closed at $32.25 on Wednesday.