SelectQuote, which provides a platform for consumers to compare and buy insurance online, announced terms for its IPO on Friday.
The Overland Park, KS-based company plans to raise $450 million by offering 25 million shares (28% insider) at a price range of $17 to $19. At the midpoint of the proposed range, SelectQuote would command a fully diluted market value of $3.0 billion. Close peer EverQuote (EVER), which went public in 2018, is up 44% since the start of the year.
SelectQuote was founded in 1985 and booked $464 million in revenue for the 12 months ended March 31, 2020. 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. It is expected to price during the week of May 18, 2020.
