Kansas insurance comparison firm SelectQuote seeks to raise $342 million in IPO



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Kansas insurance comparison firm SelectQuote seeks to raise $342 million in IPO

On Friday, the 15th of May 2020, SelectQuote Inc., the Overland Park, Kansas-based insurance company had issued a statement saying that the insurance comparison firm had been seeking to raise as much as $342 million in an IPO (Initial Public Offering) which could value the firm at more than $3 billion.

Apart from that, SelectQuote Inc., the owner of a popular insurance policy comparison website, had also added on its Friday’s (May 15th) statement that the 35-year-old insurance company would offer around 18 million shares tagged between $17 to $19 per share alongside another 7 million shares from existing stakeholders, while the Kansas-based company was looking to raise a lump-sum of $475 million at its US public listing.

On top of that, SelectQuote’s IPO filing was brought in to light at a critical time for many insurance providers when many US insurance firms are expected to lower their prices amid the pandemic outbreak, providing the policyholders with a once-in-a-lifetime opportunity to switch insurer at their next renewal at a much-lower cost, which in effect had surged traffic on SelectQuote’s website that enables potential consumers to compare between a swathe of insurance policies ranging from life to auto to home insurance from providers likes of American International Group, Liberty Mutual and Prudential Financial Inc.