04:26 AM EDT, 07/18/2024 (MT Newswires) -- TWFG said late Wednesday it priced its initial public offering of 11 million class A common shares at $17 per share for gross proceeds of $187 million.

The insurance company had marketed the shares at a range of $14 to $16 each, Reuters reported.

The company also granted the underwriters a 30-day option to buy up to an additional about 1.7 million shares.

The shares are expected to start trading on the Nasdaq Global Select Market on Thursday under the symbol "TWFG." The offering is expected to close on Friday.

The company said it plans to use the net proceeds to acquire newly-issued LLC units of TWFG Holding Company.