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SelectQuote files confidentially for IPO
Posted on Thursday, 13 February 2020 09:36
SelectQuote has announced it has confidentially submitted a draft registration statement with the US Securities and Exchange Commission to hold an initial public offering (IPO).
The US insurance policy comparison website operator said the listing is still in the early stages and the number of shares and the price range for the proposed sale have not yet been determined.
It noted the float will start once the regulator completes its review process – subject to market and other conditions, of course.
While SelectQuote did not reveal further information, sources with knowledge of the matter told Reuters the IPO may value the company at over USD 2.00 billion.
The people added Morgan Stanley and Credit Suisse are advising on the listing, which could launch in the first half of this year.
All of the companies named in the report declined to comment when contacted by Reuters for a statement.
Founded in 1985, SelectQuote is headquartered in Overland Park, Kansas but also has offices in San Francisco and San Diego, California; Denver, Colorado; Wilmington, North Carolina; Jacksonville, Florida; and Des Moines, Iowa.
The company allows consumers to compare life, auto and home insurance policies and its partners range from American International Group, MetLife and Prudential Life to Cigna, WellCare and Pacific Life.
Zephyr, the M&A database published by Bureau van Dijk, shows 554 deals targeting insurance agencies and brokers have been announced since the beginning of 2019.
Targets include Global Risk Partners, Caja de Seguros Reunidos Compania de seguros y Reaseguros and Aston Lark.
With regards to online financial products and insurance comparison sites, one of the largest deals features Hellman and Friedman taking over AutoScout24, Financescout24 and FFG Finanzcheck Finanzportal for USD 3.22 billion.
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