Todd Boehly-backed Accelerant files for NYSE listing as IPO market gathers steam

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(Reuters) -Billionaire sports financier Todd Boehly-backed insurance tech company Accelerant filed for an initial public offering in the United States on Monday, almost two years after it first considered a stock market flotation.

The move comes as the IPO market, which had been languishing amid economic uncertainty and elevated interest rates, is beginning to recover.

Strong debuts in recent weeks and improving sentiment toward equities are prompting companies to move forward with their listings, which they had delayed in the wake of a dull market.

Disruptions related to tariffs had briefly derailed the stock market in April, but the S&P 500 and the Nasdaq indexes reached record closing highs on Monday, capping their best quarter in more than a year. [.N]

Accelerant recorded $178 million in revenue in the three months ended March 31, a 39% jump from the year before. Its net income was $7.8 million, compared with $2.1 million in 2024.

Proceeds from the IPO will be used to redeem some convertible preference shares, and to pay management fees to its majority investor Altamont Capital Partners, a private equity firm.

Accelerant, founded in 2018, is an insurance marketplace that connects niche insurance sellers with institutional investors, using data to make the process faster, cheaper and smarter.

Morgan Stanley, Goldman Sachs, BMO Capital Markets and RBC Capital Markets are among the underwriters for the IPO. The company plans to list on the NYSE under ticker symbol “ARX”.

Boehly is one of the most active investors in sports, media and financial services.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)