The Westaim Corporation is delighted to announce that Skyward Specialty has commenced its initial public offering of common shares. The offering includes 4,750,000 shares of common stock offered by Skyward Specialty and 3,750,000 shares of common stock to be sold by certain Skyward Specialty stockholders, as well as up to an additional 1,275,000 shares to be sold by existing stockholders that underwriters have the option to purchase. The IPO price per share is projected to be between $14.00 and $16.00. The shares are planned to trade under the ticker symbol “SKWD” on the NASDAQ Global Select Market.
Skyward Specialty’s principal purposes of the offering are to increase capitalization and financial flexibility and create a public market for its common stock, thereby enabling access to the public equity markets for Skyward Specialty and its stockholders. Skyward Specialty intends to use a portion of the net proceeds from this offering to make capital contributions to its insurance company subsidiaries to grow its business, using the remainder for general corporate purposes. Skyward Specialty will not receive any proceeds from any sale of shares of common stock by the selling stockholders.
Barclays Capital Inc. and Keefe, Bruyette & Woods, Inc. are acting as joint lead book-running managers for the offering.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor does it constitute a sale of these securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Westaim’s look-through interest in Skyward Specialty shares of common stock of 21.9% through the Westaim HIIG Limited Partnership, combined with its direct ownership of Skyward Specialty preferred shares, which are convertible into Skyward Specialty shares of common stock representing 21.9% of the fully diluted Skyward Specialty shares of common stock, resulted in a 43.8% look-through interest in Skyward Specialty as of September 30, 2022.
