Yahoo Finance Singapore’s insurtech unicorn Bolttech weighs $300 million US IPO
By Gillian Tan, Elffie Chew and Manuel Baigorri
(Bloomberg) — Bolttech, a Singapore-based insurance technology firm, is considering a US initial public offering that could raise as much as $300 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 next year, the people said. Bolttech could raise $250 million to $300 million from the offering, based on the company’s valuation of $1.6 billion from its last funding round, the people said.
Deliberations are ongoing and details of the IPO such as size and timing could change, the people said, asking not to be identified as the information is private. A representative for Bolttech declined to comment.
Founded in 2020, Bolttech runs an exchange where insurers, distributors and customers buy and sell insurance and protection products, according to its website. The company has over 700 distribution partners in more than 30 markets globally and handles $55 billion of quoted premiums on an annual basis. It’s licensed to operate in all states in the US.
Richard Li is the chairman of the company, while former Australian Prime Minister Malcolm Turnbull is one of its non-executive directors, its website shows.
The insurtech firm recently raised $246 million in its series B round after impact investment firm LeapFrog contributed $50 million, according to a press release on Bolttech’s website. Japan’s Tokio Marine Holdings Inc., Metlife Inc.’s unit and Malaysia’s sovereign wealth fund Khazanah Nasional Bhd. also backed the same funding round.
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