(Bloomberg) --Insurance platform Ethos Technologies Inc. and some of its shareholders raised roughly $200 million in an initial public offering, becoming the latest in the sector to go public.
The San Francisco-based company priced the shares at $19 each, the midpoint of the marketed range of $18 to $20, according to a statement confirming an earlier Bloomberg News report. The oversubscribed offering consisted of 5.1 million shares sold by Ethos and 5.4 million shares offered by the selling shareholders.
At the IPO price, Ethos would have a market value of about $1.2 billion based on the outstanding shares listed in its filings.
The company is led by co-founders Peter Colis and Lingke Wang, its chief executive officer and president respectively. The platform enables users to find and sign up for life insurance policies. Users can secure life insurance without a medical exam in just 10 minutes, according to its
It was last valued at $2.7 billion in a funding round led by SoftBank Vision Fund 2 that was announced in July 2021.
Ethos had net income of $46.6 million on revenue of $277.5 million for the nine months ended Sept. 30, compared with net income of $39.3 million on revenue of $188.4 million from a year earlier, according to the filing.
Ethos follows several US-based insurance-sector companies that have gone public in recent months, including Neptune Insurance Holdings Inc.,
The offering is being led by Goldman Sachs Group Inc and JPMorgan Chase & Co. The shares are expected to trade Thursday on the Nasdaq Global Select Market under the symbol LIFE.
