The IPO Buzz:  Bamboo Insurance (BMB Proposed) Tops Late September Line-Up

Bamboo Insurance Services (BMB Proposed) – a $665 million deal – is the only large IPO on tap for the last full week in September. The IPO Calendar shows just two deals with firm pricing dates this week. The light IPO Calendar  follows last week’s volatility in the broad U.S. stock market and the Fed’s first rate increase in three years.

The other deal expected this week is not an IPO. It’s the NASDAQ cross-listing of Amaero (AMRO Proposed), a Tennessee-based producer of titanium alloy powders and other metal powders used by U.S. defense contractors and in medical implants. In the prospectus, the company said its business was founded in 2013 through Amaero Engineering Pty Ltd, an Australian company. Its Chess Depositary Interests (CDIs) are traded on the Australian Securities Exchange.

Amaero intends to raise about $53 million in its NASDAQ cross-listing. Stifel and Baird are the joint book-runners.

Bamboo Insurance By the Book

For the second straight week, a homeowners insurance company’s IPO is in the spotlight. Bamboo Insurance Services (BMB Proposed) intends to raise $665 million in an IPO led by J.P. Morgan and Morgan Stanley. Selling stockholders are offering all of the stock in Bamboo’s IPO. Bamboo will not get any proceeds from the IPO.

The Bamboo deal’s terms: 35 million shares at a price range of $18.00 to $20.00 – to raise $665 million, if priced at the $19.00 mid-point. Bamboo Insurance would have a market cap of $2.97 billion, based on pricing at its $19.00 mid-point.

Bamboo Insurance Services, based in Midvale, Utah, offers homeowners insurance in California and Texas. The company was founded in 2018.

Bamboo Insurance Services is profitable, according to the  prospectus: Net income of $46 million on revenue of $246 million for the year that ended on Dec. 31, 2025.

Bamboo’s IPO follows Orion180 Insurance Group’s (OIG) disappointing IPO last week. Orion180 Insurance (OIG) slashed its IPO’s price to $12.00 – $3.00 below the bottom of its range – on Thursday night, Sept. 17, 2026. Orion180’s stock fell in its NASDAQ debut on Friday, Sept. 18 – opening at $11.50 and closing at $11.66.

Melbourne, Florida-based Orion180 Insurance (OIG) provides homeowners insurance in Florida, Texas, California and 11 other states. Its specialty is serving homeowners in coastal areas. The company is profitable, according to the prospectus.

Stay tuned.