The IPO Buzz: Exzeo (XZO Proposed) Sets Terms for $168 Million IPO

Exzeo Group (XZO Proposed), a P&C InsurTech platform company based in Tampa, Florida, set the terms for its IPO – 8 million shares at a price range of $20.00 to $22.00 – to raise $168 million, if priced at the $21.00 mid-point of its range, in its S-1/A filing early today (Thursday, Oct. 16, 2025). Under those terms, Exzeo Group would have a market cap of about $1.91 billion. This is a New York Stock Exchange listing.

The InsurTech platform company is going public via a carve-out from HCI Group, an NYSE-listed company that holds 90.69 percent of its stock before the IPO, according to the prospectus.

After the IPO, the HCI Group will still own about 75 million shares of Exzeo’s stock, which will represent about 81.54 percent of its total outstanding shares of common stock and voting power – if the underwriters’ option in this offering is exercised in full, the prospectus said.

Truist Securities is the leading book-runner with Citizens Capital Markets and William Blair as joint book-runners. Fifth Third Securities is the co-manager.

The IPO is expected to price during the first week of November.

Exzeo, founded in 2012, provides P&C (property and casualty insurance) carriers and their agents with insurance technology solutions through its Exzeo Platform, the prospectus said. The platform offers nine software and data analytics applications for functions that include insurance quotes and underwriting as well as claim management, data and analytics and other functions.

“Our insurance solutions support over $1.2 billion of premiums in force,” Exzeo said in the prospectus. “We serve customers in 13 states.”

Exzeo has insurance agency licenses or managing general agent licenses in 29 states, according to the prospectus.

The company is profitable, according to financial statements in the prospectus: Exzeo earned net income of $56.57 million on revenue of $182.14 million for the 12 months that ended on June 30, 2025.

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