Slide’s share price closes up 19% on first day of trading

(The Insurer) - Florida carrier Slide Insurance Holdings closed its first day of trading on the Nasdaq Global Select Market with its share price up 19.1% over its $17 IPO offering price.

Slide went public on Thursday under the symbol SLDE at a price of $17 a share, and closed the day at $20.25.

Its high during the day was $21.43. Reuters reported that Slide secured a valuation of $2.62 billion after its shares gained nearly 24% shortly after their Nasdaq debut.

The Bruce Lucas-led company upsized its offering to 24 million shares, raising $408 million, up from its previous guidance of 20 million shares. The $17 a share pricing was at the top end of its guidance.

Barclays and Morgan Stanley are acting as joint book-running managers for the offering. Citizens Capital Markets, Keefe Bruyette & Woods and Piper Sandler are acting as co-managers.

Slide followed fellow Florida carrier American Integrity and Bermudian (re)insurer Aspen going public on May 8 and E&S carrier Ategrity going public on June 12, all three of which trade on the New York Stock Exchange.

Aspen went public at $30 a share and closed its first day of trading up 8.3% at $32.50. Its share price closed at $32.02 on Wednesday.

American Integrity went public at $16 a share and closed its first day of trading up 5.6% at $16.90. Its share price closed at $16.72 on Wednesday.

Ategrity went public at $17 and closed up 45% on its first day of trading, at $24.68. Its share price closed at $23.44 on Wednesday.