Conifer Holdings (CNFR) IPO Opens 7% Lower

Today's IPO for Conifer Holdings, Inc., (Nasdaq: CNFR) opened for trading at $9.75 after pricing of its initial public offering of 3,100,000 shares of its common stock at a price to the public of $10.50 per share, below the recently expecting a price of $11 - $13 per share range.

All of the 3,100,000 shares in the offering are offered by Conifer Holdings. The underwriters also have been granted a 30-day over-allotment option to purchase up to an additional 465,000 shares from the company on the same terms and conditions.

BMO Capital Markets Corp. and Raymond James & Associates, Inc., are serving as active joint book-runners for the offering. Sandler O'Neill & Partners, L.P., and William Blair & Company L.L.C. are acting as co-managers for the offering.

Conifer Holdings is a Michigan-based insurance holding company founded in 2009. Through its insurance subsidiaries, Conifer offers both commercial and personal specialty insurance products. Conifer Holdings' subsidiaries market and sell these insurance products through a growing network of over 4,500 independent agents who distribute policies through their approximately 2,200 sales offices, writing business in 44 states. Management is focused on growing Conifer's business in underserved niche insurance markets, while maintaining underwriting discipline and a conservative investment strategy.

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