Kingstone Cos. Inc. has announced the closing of a public offering of 2,950,000 common shares at $12.00 per share.
Kingstone sold 2.5 million of the shares, and selling shareholders sold an additional 450,000 shares. The total net proceeds to the company, after deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be about $28 million. The company plans to use the net proceeds to contribute capital to unit Kingstone Insurance Co., to support a ratings upgrade plan and additional growth and for general corporate purposes.
Sandler O'Neill + Partners LP acted as book-running manager. Compass Point Research & Trading LLC and Boenning & Scattergood Inc. acted as co-managers.