Specialty insurance marketplace Accelerant, along with existing shareholders, raised $723.69 million in a U.S. IPO. The company sold 34.46 million shares at $21 each, exceeding its initial target. Recent strong market debuts have encouraged companies to go public, with Accelerant set to trade on the NYSE under the symbol “ARX.”

Founded in 2018, Accelerant connects niche sellers with institutional investors through a data-driven insurance marketplace. The company was valued at $2.4 billion in 2023 and saw a 73% increase in exchange-written premium in the past year. Altamont Capital will retain majority voting control post-IPO.

In addition to Accelerant, consumer intelligence firm NIQ Global and surgery medtech company Carlsmed also went public in New York. Textbook publisher McGraw Hill is set to debut alongside Accelerant. The IPO will help Accelerant redeem convertible preference shares and pay management fees to majority investor Altamont.

Read more at Yahoo Finance: Insurance marketplace Accelerant, backers raise $724 million in US IPO