CVC-Backed Home Insurer Bamboo Files For US IPO

MT Newswires Live08-29 06:59

Bamboo Insurance Services, a home insurance company controlled by private equity firm CVC Capital Partners, filed for a US initial public offering that will allow existing shareholders to sell stakes, Bloomberg reported Friday, citing a regulatory filing.

Bamboo reported $173.4 million in revenue and $13.8 million in net income for the six months ended June 30, compared with $123.9 million in revenue and $23.7 million in net income a year earlier, the report said.

All shares in the offering are expected to be sold by existing shareholders, while Bamboo borrowed an additional $150 million under a term loan in June, with the proceeds distributed to equity owners, Bloomberg said.

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