Palomar Holdings Inc. priced its underwritten public offering of 5,000,000 common shares for $49.00 apiece.
The shares consist of 750,000 common shares offered by the company and 4,250,000 offered by certain selling shareholders, which include Genstar Capital LLC affiliates. Those affiliates granted the underwriters a 30-day option to purchase up to an additional 750,000 shares at the public offering price, less underwriting discounts and commissions.
Palomar will use proceeds from the offering for general corporate purposes, including funding future growth. The company will not receive any proceeds from the sale of the shares by the selling shareholders.
Barclays Capital Inc., J.P. Morgan, and Keefe Bruyette & Woods Inc. were joint lead book-running managers for the offering. Evercore Group LLC, William Blair & Co. LLC, Piper Sandler & Co. and SunTrust Robinson Humphrey Inc. were the joint book-running managers, while JMP Securities LLC was a co-manager.