Singapore’s insurtech unicorn Bolttech weighs US$300 million US IPO

BOLTTECH, a Singapore-based insurance technology firm, is considering a US initial public offering that could raise as much as US$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 US$250 million to US$300 million from the offering, based on the company’s valuation of US$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 US$55 billion of quoted premiums on an annual basis. It’s licenced to operate in all states in the US.

The insurtech firm 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, Metlife’s unit and Malaysia’s sovereign wealth fund Khazanah Nasional also backed the same funding round. BLOOMBERG