CVC-backed Bamboo Insurance Services has launched its initial public offering (IPO) roadshow in the U.S., aiming for a valuation of up to $3.13 billion. The Midvale, Utah-based company's selling shareholders, including entities affiliated with CVC Capital Partners and White Mountains Insurance Group, are offering 35 million shares at an anticipated price range of $18 to $20 per share. This offering seeks to raise up to $700 million from the sale of these secondary shares.
The IPO consists entirely of shares being sold by existing stockholders, meaning Bamboo Insurance itself will not receive any proceeds from the offering. The company has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol "BMB." J.P. Morgan and Morgan Stanley are acting as joint lead bookrunning managers for the offering.
Founded in 2018 and led by industry veteran John Chu, Bamboo Insurance focuses on the residential property market, providing homeowners' insurance and related products. The company operates as a technology-enabled, underwriting-first, and capital-light managing general underwriter (MGU), leveraging AI and data science for underwriting and claims management. This approach allows it to partner with capacity providers who bear the insurance risk.
Despite a generally slower fall IPO season compared to the previous year due to market volatility, the insurance sector's IPO pipeline remains robust. Bamboo's listing follows Melbourne, Florida-based Orion180 Insurance, which launched its roadshow last week seeking to raise up to $340 million. Bamboo's business model, particularly its precise, data-driven underwriting in high-risk areas like California and Texas, is seen as a key differentiator in a market where traditional insurers are retreating due to climate risks. In 2025, the company's managed premium grew 58% to $766 million, and in the first half of 2026, revenue increased approximately 40% to $173 million, with managed premium approaching $900 million.
