(Bloomberg) --Insurance platform Ethos Technologies Inc. and some of its backers are seeking to raise about $211 million in an initial public offering, the latest insurance-related firm set to debut.
The San Francisco-based company and some of its shareholders plan to market 10.5 million shares for $18 to $20 each, according to its
At the top of that range, Ethos would have a market value of $1.3 billion based on the outstanding shares listed in its filing. The IPO is expected to price Jan. 28, according to a marketing presentation.
Ethos was last valued at $2.7 billion in a funding round led by SoftBank Vision Fund 2 that was announced in July 2021.
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
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 to go public in recent months, including Neptune Insurance Holdings Inc.,
The offering is being led by Goldman Sachs Group Inc and JPMorgan Chase & Co. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol LIFE.
