Insurance comparison site SelectQuote said Friday that it is hoping to raise about $342 million in its initial public offering. The IPO could value the company at more than $3 billion, according to a Reuters report.
The company will offer approximately 18 million shares at between $17 and $19 per share. Selling stockholders will offer another seven million shares, boosting the total amount expected to be raised to about $475 million.
SelectQuote allows consumers to compare the cost of insurance policies from different insurers. With the COVID-19 outbreak expected to lower rates for many insurance products, policyholders could conceivably save money by shopping around.
In 2019, SelectQuote’s net income more than doubled to $72.6 million from the prior year, Reuters reported. Its revenue spiked 44% to $337.5 million.