Bamboo Insurance Services Inc., a homeowners insurer backed by CVC Capital Partners, is shelving its initial public offering for now because of market conditions, said people who asked not to be named since the plan is not public. They added the float could be restarted later.
Requests for comment sent to CVC and to Bamboo were not answered right away. JPMorgan Chase & Co. and Morgan Stanley were leading the deal, and the stock was slated to list on the NYSE with the ticker BMB.
The delay follows another one just days earlier, when Holtec Nuclear Corp. put its own IPO on hold for similar reasons. By the numbers, it has still been the most active US IPO year since 2021, with $161.4 billion raised when excluding blank-check companies and other financial vehicles, per Bloomberg data.
Outcomes have been choppy. Five of the 10 biggest deals this year now sit below their offer prices. On a weighted basis, 2024 IPOs are up 13%, lagging the S&P 500's roughly 15% gain.
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Recent debuts show the split screen. Orion180 Insurance Group Inc., which raised $240 million last week, is still below its listing price. That backdrop helps explain why Bamboo, founded in 2018 and pegged at a $1.75 billion valuation when CVC-advised funds bought a controlling stake from White Mountains Insurance Group Ltd., a deal completed last year, is waiting for a calmer window.
For everyday investors, the pipeline is open but the landing is unpredictable, and that can spill into new issue ETFs and funds that buy IPOs. If Bamboo returns, the market mood at that moment will do a lot to shape day-one trading.
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