Insurance company Kensale Capital Group filed for an initial public offering Friday afternoon, according to a filing with the Securities and Exchange Commission. Kensale, which offers insurance to high-risk small businesses and startups, reported net income of $13 million in 2015 on total revenue of $80.6 million. In the first three months of 2015, Kensale reported net income of $5.3 million on total revenue of $32.7 million. The Richmond, Virginia, company said it was seeking $100 million, though that figure is likely a placeholder to determine fees, and chose J.P Morgan, William Blair and RBC Capital Markets as lead underwriters. Kensale plans to list on the Nasdaq exchange under the symbol KNSL.
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