(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
Richard Li is the chairman of the company, while former Australian Prime Minister Malcolm Turnbull is one of its non-executive directors, its
The insurtech firm recently raised $246 million in its series B round after impact investment firm LeapFrog contributed $50 million, according to a
Bolttech has acquired Poland-based Digital Care, which provides services from mobile device rental and repair to buyback and refurbishment, according to a statement on Wednesday. Digital Care operates across Europe, Asia and Africa and has served more than 8 million customers. The company didn't disclose any financial terms of the deal.
