SINGAPORE – Bolttech, a Singapore-based insurance technology firm, is considering a US initial public offering (IPO) that could raise as much as US$300 million (S$410 million), according to people with knowledge of the matter.
The company, backed by Hong Kong billionaire Richard Li, has asked banks for proposals for the potential share sale, which may take place as soon as 2024, the sources said.
Bolttech could raise US$250 million to US$300 million from the offering, based on its valuation of US$1.6 billion from its last funding round, the sources said.
Bolttech can be termed a unicorn as its valuation has reached more than US$1 billion.
Deliberations are ongoing and details of its IPO such as size and timing could change, the sources said, asking not to be identified as the information is private.
A representative for the company declined to comment.
Founded in 2020, Bolttech runs an exchange where insurers, distributors and customers buy and sell insurance and protection products, according to the company’s website.
It has more than 700 distribution partners in over 30 markets globally and handles US$55 billion of quoted premiums on an annual basis.
The insurance technology company is licensed to operate in all states in the United States.
It recently raised US$246 million in its series B round after impact investment firm LeapFrog contributed US$50 million, according to a press release on Bolttech’s website.
Japan’s Tokio Marine Holdings, a MetLife subsidiary and Malaysia’s sovereign wealth fund Khazanah Nasional also backed the same funding round. BLOOMBERG
