Exzeo, a platform for analyzing property and casualty insurance, priced its IPO at $21, but fell below this price on its first day of trading after market hours.

According to the Securities Times, Exzeo Group, the property and casualty insurance and analytics platform spun off from HCI Group, issued 8 million shares at a price of $21 per share (the midpoint of the $20 to $22 range), raising $168 million. Based on the pricing, the fully diluted market value of Exzeo is $2 billion. On its first day of trading, Exzeo Group closed down 2.38% at $20.51.