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TAMPA — Insurtech company TypTap Insurance Group Inc., a subsidiary of Tampa-based HCI Group, has delayed its initial public offering.
TypTap had filed a Form S-1 with the U.S. Securities and Exchange Commission but says in a press release that the registration of securities has not become effective, meaning shares cannot be traded.
According to HCI and TypTap Chairman and CEO Paresh Patel, there’s no revised timetable for the company’s IPO.
"In light of recent market conditions, HCI’s board of directors determined that current market pricing for the planned offering does not accurately reflect TypTap's value,” Patel states in the release. “Our primary objective has been and will continue to be maximizing the value and opportunity of TypTap. We believe we have the resources to execute TypTap’s growth plan without the funds raised from an IPO. We will continue to monitor market conditions over the next several quarters and will move forward with a TypTap IPO when and if conditions are appropriate.”
HCI Group reported gross annual revenue of $273.47 million in 2020, up from $242.47 million in 2019 — an increase of 12.7%.
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