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Kingstone prices common shares offering

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Kingstone prices common shares offering

Kingstone Cos. Inc. has priced its underwritten public offering of 2,950,000 common shares at $12.00 per share.

The company is offering 2,500,000 common shares and expects net proceeds of about $28 million, after deducting underwriters' discounts and other estimated offering expenses. The company plans to use the net proceeds to contribute capital to Kingstone Insurance Co. to support its ratings upgrade plan and additional growth, and for general corporate purposes.

Selling shareholders are offering 450,000 common shares. The underwriters will be granted an option to purchase up to 192,500 of additional common shares from Kingstone and 250,000 common shares from selling shareholders.

Sandler O'Neill & Partners LP is the book-running manager for the offering. Compass Point Research & Trading LLC and Boenning & Scattergood Inc. are co-managers.