Singapore insurtech bolttech weighs US IPO


Insurance coverage know-how firm Bolttech is contemplating an preliminary public providing (IPO) within the US, reported Bloomberg citing undisclosed sources.

The Singapore-based insurtech has requested proposals from banks for a doable share sale.

In line with the sources, primarily based on the corporate’s $1.6bn valuation from its most up-to-date funding spherical, bolttech might elevate between $250m and $300m from the providing.

The IPO might happen as early as subsequent yr, the report claims.

Talks are nonetheless ongoing and the specifics such because the timing and the scale of the providing might nonetheless change, the sources added.

bolttech consultant declined to supply any touch upon the report.

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By GlobalData

Arrange in 2020, bolttech operates an insurance coverage alternate that connects insurance coverage firms, distributors, and prospects.

In line with its web site, bolttech’s platform operates in additional than 30 markets throughout three continents, with greater than $50bn in premiums quoted on it.

It has a group of over 1,500 folks and a community of greater than 700 distribution companions.

Hong Kong billionaire Richard Li is chairman of the corporate, which has a licence to function in all 50 US states.

Final month, bolttech prolonged its Collection B spherical to $246m, the biggest ever Collection B spherical for an insurtech, following a $50m funding from LeapFrog Investments.

The insurtech additionally counts Tokio Marine Holdings, MetLife and Malaysia’s Khazanah Nasional Bhd amongst its backers.

Final week, the corporate fashioned a strategic alliance with Allianz Companions.

By the alliance, Allianz Companions and bolttech purpose to supply embedded machine and equipment safety insurance coverage options throughout APAC and the US.


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