Bamboo Insurance Services Inc., a home insurer controlled by CVC Capital Partners, plans to raise up to $700 million in a US initial public offering. The Midvale, Utah-based company will market 35 million shares at $18 to $20 each, with all proceeds going to existing shareholders. At the midpoint, Bamboo would have a fully diluted market value of $3.08 billion. The IPO is expected to price on Sept. 22 on the New York Stock Exchange under the symbol BMB.

Bamboo reported net income of $13.8 million on revenue of $173.4 million for the six months ended June 30, compared with $23.7 million on $123.9 million a year earlier. The company borrowed an additional $150 million in June under an amended term loan, distributing proceeds to equity owners.

Founded in 2018, Bamboo was valued at $1.75 billion when funds advised by CVC Capital Partners bought a controlling stake from White Mountains Insurance Group Ltd., which retained roughly 15%. The offering is being led by JPMorgan Chase & Co. and Morgan Stanley.