Slide Insurance Holdings, Inc. announced the launch of its initial public offering (IPO) of 20 million shares of common stock, each with a par value of $0.01 per share.
Of the total shares offered, Slide will issue 16,666,667 shares, while certain selling stockholders will offer 3,333,333 shares.
The selling stockholders are expected to grant the underwriters a 30-day option to purchase up to an additional 3 million shares at the public offering price, less underwriting discounts and commissions. The initial offering price is anticipated to range between $15 and $17 per share.
Slide has applied to list its common stock on the Nasdaq Global Select Market under the symbol "SLDE."
Barclays and Morgan Stanley are serving as joint book-running managers for the offering. Citizens Capital Markets, Keefe, Bruyette & Woods, a Stifel company, and Piper Sandler are acting as co-managers.
The IPO follows a period of financial growth for Slide. In the first quarter of 2025, the company reported net income of $92.5 million on revenue of $281.6 million, an increase from net income of $54.7 million on revenue of $199.1 million in the same period a year earlier.
Since its founding, Slide has expanded through acquisitions of policies, including takeouts from Citizens Property Insurance Corp. and assuming portfolios from carriers that had become insolvent.
In addition to its expansion strategy, Slide recently completed the pricing of its $250 million Purple Re Ltd. (Series 2025-1) catastrophe bond, the fourth and largest issuance to date for the company. Proceeds from the bond are intended to support Slide’s reinsurance coverage for named storm and hurricane risks in Florida and South Carolina.
As of the end of 2024, Slide’s portfolio remained highly concentrated, with 99.5% of its policies located in Florida. This geographic focus highlights the company's exposure to the property insurance market in the state.
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