SelectQuote, which provides an online DTC insurance platform, filed on Friday with the SEC to up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO we estimate could raise $250 million. The IPO could value the company at $2 billion. Close peer EverQuote (EVER), which went public in 2018, is up 38% since the start of the year.
The Overland Park, KS-based company was founded in 1985 and booked $403 million in sales for the 12 months ended December 31, 2019. It plans to list on the NYSE under the symbol SLQT. Credit Suisse, Morgan Stanley, Evercore ISI, RBC Capital Markets, Barclays, Citi and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
