Ni Holdings Inc. filed for an initial public offering of its common stock, offering up to 10,350,000 shares at a price of $10.00 per share.
Ni Holdings expects net proceeds from the offering to be between $73.1 million and $99.6 million, after payment of offering expenses and the expenses of the conversion. The company expects to use the net proceeds for redemption of subscription rights and for general corporate purposes.
Griffin Financial Group LLC will act as the placement agent for the offering.
Ni Holdings was formed in connection with the conversion of Nodak Mutual Insurance Co. from the mutual to stock form of organization and the creation of a mutual holding company.