Singaporean insurance technology company Bolttech is actively considering the possibility of conducting an initial public offering (IPO) in the United States, with the potential to raise around $300 million.
The Asia Pacific area, encompassing approximately 4.7 billion individuals, boasts a population that accounts for nearly 60% of the global total, establishing it as a pivotal marketplace for insurance providers and insurtech platforms. Among these technology companies vying to access the burgeoning demand for solutions in this region is Bolttech, which has established a footprint in international markets.
Bolttech, backed by Hong Kong billionaire Richard Li, has already approached various banks to request proposals for the prospective share sale, which might materialize as early as 2024.
The anticipated fundraising from the IPO is estimated to be between $250 million and $300 million, considering Bolttech’s last funding round valuation of $1.6 billion. Nevertheless, the precise details, such as the size and timing of the IPO, remain subject to ongoing discussions and could undergo alterations. The insiders providing this information have requested anonymity due to the confidential nature of the matter, and Bolttech has refrained from making any official comments on the subject.
Bolttech, established in 2020, operates an insurance exchange platform that connects insurance providers, distributors, and customers, serving over 700 distribution partners across more than 30 global markets and managing an annual volume of $55 billion in quoted premiums.
The company recently achieved a noteworthy milestone by raising $246 million in its series B funding round.
(Source: Bloomberg | Asia Insurance Review)
