HCI Group has reportedly ditched its planned spin-out IPO of its home insurance unit TypTap.
The float, originally filed in November 2021, had been marked as a US$100 million placeholder though reports citing most recent regulatory filings claim that the listing plans have now been pulled.
It follows last month’s fourth-quarter results, which saw Tampa-based HCI report a US$2.7 million profit, up from US$1.4 million in the comparative period of the prior year.
In New York, HCI stock moved 1.5% higher in mid-morning trade to change hands at US$52.22, valuing the company at just shy of US$450 million.