International specialty insurer and a subsidiary of Tiptree Inc., The Fortegra Group, Inc., has introduced the withdrawal of its preliminary public providing.

“On account of prevailing market circumstances and the excessive worth Tiptree Inc. and Warburg Pincus LLC place on Fortegra and its progress prospects, Tiptree and Warburg have determined to withdraw the registration assertion referring to the beforehand introduced preliminary public providing by Fortegra,” the corporate acknowledged.

In January 2024, Fortegra introduced the launch of its preliminary public providing. The insurer had filed a registration assertion on Type S-1 with the Securities and Change Fee to supply 18,000,000 shares of its widespread inventory to the general public.

The worth vary for the preliminary public providing was anticipated to be between $15.00 and $18.00 per share.

In keeping with the announcement, the web proceeds gathered from the providing had been going for use to help Fortegra’s progress technique, in addition to for working capital and basic company functions.

“Tiptree and Warburg stay dedicated to supporting Fortegra because it continues to execute its progress technique,” Fortegra additionally acknowledged in its latest announcement relating to the IPO withdrawal.