Bamboo Insurance seeks $700M in IPO as investors look to cash out

Bamboo Insurance Services, the residential property insurer that carved out a niche writing policies in wildfire-prone California, is heading for the public markets with a plan to raise up to $700 million. The catch: none of that money will actually go to Bamboo.

The company filed to offer 35 million Class A shares on the NYSE under the ticker “BMB,” priced between $18 and $20 per share. At the midpoint of that range, Bamboo would land a valuation of roughly $3.13 billion to $3.24 billion, a significant markup from the $1.75 billion valuation it carried when CVC Capital Partners acquired majority control from White Mountains Insurance Group in 2025.

A liquidity event dressed as an IPO

This is a fully secondary offering, meaning every dollar raised goes to selling shareholders rather than the company’s balance sheet. CVC Capital Partners and White Mountains Insurance Group are the ones offloading shares.

J.P. Morgan, Morgan Stanley, and Deutsche Bank Securities are underwriting the deal. The roadshow launched on September 14, 2026, with trading expected to begin on September 23.

Growth in a market others abandoned

Bamboo’s business case is counterintuitive. While major insurers like State Farm and Allstate have been scaling back or exiting California entirely due to wildfire exposure, Bamboo leaned in. Founded in 2018 and headquartered in Midvale, Utah, the company operates as a managing general underwriter, meaning it underwrites and manages policies on behalf of insurance carriers rather than holding all the risk on its own books.

Bamboo now holds about 4% of the California homeowners insurance market. The company’s managed premiums tell a striking growth story: from $66.6 million in 2022 to nearly $900 million by 2026. That’s a roughly 13x increase in four years.

In the first half of 2026, Bamboo reported $173.4 million in revenue, a 40% jump compared to the same period a year earlier.

The company has also begun expanding beyond its California stronghold, pushing into Texas in September 2025.

What the valuation says about insurtech

A $3.2 billion valuation for a company with $173.4 million in revenue over six months implies the market is pricing in continued rapid growth. Annualizing those first-half numbers puts Bamboo on a trajectory for roughly $350 million in full-year revenue, giving the stock a price-to-revenue multiple of approximately 9x.

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