Singapore-based insurtech bolttech is reportedly contemplating an initial public offering (IPO) in the United States that has the potential to amass up to US$300 million (SG$410 million), as per sources familiar with the matter.
The company, with substantial backing from Hong Kong billionaire Richard Li, has engaged with banks to seek proposals for the prospective share sale, tentatively set for 2024, as indicated by the sources in a report from The Straits Times.
Drawing from the company's valuation of US$1.6 billion from its most recent funding round, bolttech could potentially secure between US$250 million to US$300 million from this IPO, cementing its status as a unicorn within the industry.
A representative for bolttech has refused to comment on the matter.
It is worth noting that bolttech also recently welcomed LeapFrog’s injection of US$50 million, resulting in a remarkable total of US$246 million — the largest Series B round ever seen in the insurtech sector.
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