Insurtech company Slide plans to raise up to $340 million through its initial public offering (IPO), with a valuation target of $2.12 billion. The company plans to issue 20 million shares at a price of $15 to $17 per share. Slide’s listing roadshow followed the successful ipos of eToro and Circle, demonstrating investors’ renewed attention to new stocks on the US stock market. This IPO is led by Barclays and Morgan Stanley as the lead underwriters, and the shares will be traded on Nasdaq under the symbol “SLDE”.
Slide was founded in 2021 and focuses on home and apartment insurance business in Florida and South Carolina, with 99.5% of its policies concentrated in Florida. Despite the fact that some insurance companies in the region have withdrawn due to hurricane risks, Slide still plans to expand its market share. The company’s CEO, Bruce Lucas, once founded Heritage Insurance. Under his leadership, Slide achieved a profit growth of 69.1% to $92.5 million in the first quarter of this year, and the consolidated cost ratio dropped to 58.9%, indicating its strong profitability.
Recently, IPO activities in the Insurance industry have been active. Aspen Insurance and American Integrity Insurance, supported by Apollo, have successfully gone public, and the professional insurance company Ategrity also plans to make its debut this week. Analysts point out that the insurance industry has been continuously attracting investors’ attention due to its strong ability to withstand market fluctuations and the rising demand for risk mitigation. The listing of Slide will further test the market’s confidence in insurtech companies.
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