Insurance Tech Firm TypTap Delays U.S. IPO

Reuters2022-01-13

HCI Group Inc on Wednesday postponed the initial public offering (IPO) of its insurance unit TypTap Insurance Group Inc, joining a growing list of companies rethinking their plans to go public due to volatile market conditions.

TypTap confidentially filed for an IPO in August last year, when the pandemic had forced the insurance sector to rely heavily on artificial intelligence and big data to reach customers.

The decision to delay TypTap's IPO comes amid a recent sell-off in technology shares and the poor performance of several companies that went public in 2021.

More than 60% of companies that went public last year are currently trading below their IPO price, according to data from Refinitiv.

Human resources and payroll software maker Justworks also postponed its U.S. IPO plans earlier on Wednesday, citing market conditions, while apparel chain operator Authentic Brands Group Inc withdrew its U.S. listing plans last week.

Founded in 2016, TypTap raised $100 million from a fund affiliated with Centerbridge Partners in February last year. The investment, representing about 11.75% of TypTap, implied a post-money valuation of about $850 million for the company.

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInsurance Tech Firm TypTap Delays U.S. IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-13 07:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/insurance-tech-firm-typtap-delays-221653565.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HCI Group Inc on Wednesday postponed the initial public offering (IPO) of its insurance unit TypTap Insurance Group Inc, joining a growing list of companies rethinking their plans to go public due to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/insurance-tech-firm-typtap-delays-221653565.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/insurance-tech-firm-typtap-delays-221653565.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114295426","content_text":"HCI Group Inc on Wednesday postponed the initial public offering (IPO) of its insurance unit TypTap Insurance Group Inc, joining a growing list of companies rethinking their plans to go public due to volatile market conditions.TypTap confidentially filed for an IPO in August last year, when the pandemic had forced the insurance sector to rely heavily on artificial intelligence and big data to reach customers.The decision to delay TypTap's IPO comes amid a recent sell-off in technology shares and the poor performance of several companies that went public in 2021.More than 60% of companies that went public last year are currently trading below their IPO price, according to data from Refinitiv.Human resources and payroll software maker Justworks also postponed its U.S. IPO plans earlier on Wednesday, citing market conditions, while apparel chain operator Authentic Brands Group Inc withdrew its U.S. listing plans last week.Founded in 2016, TypTap raised $100 million from a fund affiliated with Centerbridge Partners in February last year. The investment, representing about 11.75% of TypTap, implied a post-money valuation of about $850 million for the company.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9002223759,"gmtCreate":1642030752181,"gmtModify":1676533672862,"author":{"id":"4099671041878530","authorId":"4099671041878530","name":"eksp","avatar":"https://static.tigerbbs.com/0859d8e6d94efd990b8eea163b06f576","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"4099671041878530","authorIdStr":"4099671041878530"},"htmlText":"😀","listText":"😀","text":"😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002223759","repostId":1114295426,"repostType":4,"repost":{"id":"1114295426","kind":"news","pubTimestamp":1642030410,"share":"https://ttm.financial/m/news/1114295426?lang=en_US&edition=fundamental","pubTime":"2022-01-13 07:33","market":"us","language":"en","title":"Insurance Tech Firm TypTap Delays U.S. IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1114295426","media":"Reuters","summary":"HCI Group Inc on Wednesday postponed the initial public offering (IPO) of its insurance unit TypTap ","content":"<html><head></head><body><p>HCI Group Inc on Wednesday postponed the initial public offering (IPO) of its insurance unit TypTap Insurance Group Inc, joining a growing list of companies rethinking their plans to go public due to volatile market conditions.</p><p>TypTap confidentially filed for an IPO in August last year, when the pandemic had forced the insurance sector to rely heavily on artificial intelligence and big data to reach customers.</p><p>The decision to delay TypTap&#39;s IPO comes amid a recent sell-off in technology shares and the poor performance of several companies that went public in 2021.</p><p>More than 60% of companies that went public last year are currently trading below their IPO price, according to data from Refinitiv.</p><p>Human resources and payroll software maker Justworks also postponed its U.S. IPO plans earlier on Wednesday, citing market conditions, while apparel chain operator Authentic Brands Group Inc withdrew its U.S. listing plans last week.</p><p>Founded in 2016, TypTap raised $100 million from a fund affiliated with Centerbridge Partners in February last year. The investment, representing about 11.75% of TypTap, implied a post-money valuation of about $850 million for the company.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Insurance Tech Firm TypTap Delays U.S. IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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The investment, representing about 11.75% of TypTap, implied a post-money valuation of about $850 million for the company.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Insurance Tech Firm TypTap Delays U.S. IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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