Fidelis Insurance Holdings notched a valuation of $1.5 billion on Thursday after shares of the reinsurer fell 6.4 percent on debut.

The company joins a list of firms that have gone public this year as the IPO market gains momentum following a stormy 2022 that forced many private companies to halt their listing plans.

Along with some of its shareholders, the Bermuda-based company sold 15 million shares at $14 apiece to raise $210 million in its IPO.

The company’s shares opened at $13.10 per share, compared to its offer price of $14 apiece.

“Raising money now in the primary (market) is very important to us, enables us to take further opportunity in a very dislocated market,” said Fidelis Insurance CEO Dan Burrows.

Headquartered in Bermuda, the company is a global provider of specialty insurance and reinsurance products.

J.P.Morgan, Barclays and Jefferies acted as joint lead bookrunning managers for the offering.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; editing by Vinay Dwivedi and Pooja Desai)