01:18 PM EDT, 05/23/2024 (MT Newswires) -- Bowhead Specialty Holdings ( BOW ) shares rose sharply in their debut on the New York Stock Exchange Thursday after the company priced its initial public offering of about 7.5 million shares at $17 per share to raise $128 million.

The stock was up about 33% at $22.56 in recent trading after opening at $23.

The specialty insurance company also offered its underwriters, including JPMorgan and Morgan Stanley, a 30-day option to buy up to some 1.1 million additional shares. The offering is set to close on Tuesday.

It plans to use the proceeds for capital contributions to its subsidiary to grow its business and for general corporate purposes.

Price: 22.56, Change: +5.56, Percent Change: +32.71