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BRP Group IPO: What You Need To Know

Elizabeth Balboa

This insurance and risk management company considers itself a pretty safe bet.

The IPO

BRP Group, Inc. this week will issue 16.4 million shares on the Nasdaq under ticker "BRP," according to the firm’s S-1 filing. Priced between $14 and $16, the offering represents 100% of outstanding shares and is expected to raise about $301.8 million.

The lead underwriters are JPMorgan, Bank of America, Jefferies and Wells Fargo.

The company qualifies as an emerging growth company under the U.S. JOBS Act, which exempts management from certain SEC disclosure requirements.

The Company

Baldwin Risk Partners — or BRP — provides personal insurance, commercial insurance, employee benefits, risk management and Medicare consultation to 400,000 clients in Texas, Alabama, Georgia and Florida.

Since its founding in 2011, the firm has expanded to include more than 500 colleagues across 40 offices. It caters to high-net-worth individuals, mid-to-large businesses and specialty clients.

The Finances

In 2018, management reported net income of $2.69 million on revenue of $79.88 million. The previous year saw income of $3.85 million on revenue of $48.01 million.

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