CVC-Backed Home Insurance Firm Bamboo Said to Postpone IPO

Bamboo Insurance Services Inc., a home insurance firm controlled by private equity firm CVC Capital Partners, has postponed its initial public offering, according to people familiar with the matter.

The Midvale, Utah-based company cited market conditions for the move, the people said, asking not to be identified as the information isn’t public. The listing could be revived in the future, the people said.

Representatives for CVC and Bamboo didn’t immediately respond to requests for comment.

Related: Bamboo Insurance Targets $3.24 Billion Valuation in IPO

Bamboo was founded in 2018 and valued at $1.75 billion when CVC-advised funds purchased a controlling stake in the firm from White Mountains Insurance Group Ltd. last year. The delay is the second in recent days, after Holtec Nuclear Corp. postponed its own IPO, also citing market conditions.

U.S. IPOs this year have delivered the highest volume since 2021, with $161.4 billion raised excluding blank-check firms and other financial vehicles, data compiled by Bloomberg show. Performance has been volatile, however, with shares of five of the 10 largest listings this year trading below their respective IPO prices. This year’s offerings have returned a weighted average 13% gain, below the S&P 500 Index’s roughly 15% return.

Orion180 Insurance Group Inc., a specialty homeowners and flood insurer, raised $240 million in an IPO last week and remains mired below its listing price.

The offering was being led by JPMorgan Chase & Co. and Morgan Stanley. The shares were expected to trade on the New York Stock Exchange under the symbol BMB.

Top photo: Pedestrians outside of the New York Stock Exchange. Bloomberg.