US insurtech EverQuote set to raise $84m in IPO

US-based online insurance marketplace EverQuote has announced its initial public offering (IPO) that is set to raise nearly $84.4 million through the sale of 4,687,500 shares of Class A common stock at $18 per share, before underwriting discounts and commissions.

EverQuote’s platform connects consumers with insurance providers by matching and connecting consumers seeking to purchase insurance with relevant options. EverQuote was founded with the vision of applying a scientific, data-driven approach to help consumers find the best price and coverage for their individual insurance needs, according to a company statement.

The shares are scheduled to begin trading on the Nasdaq Global Market on June 28. The offering is expected to close on July 2, subject to customary closing conditions.

EverQuote is offering 3,125,000 shares of Class A common stock and selling stockholders are offering 1,562,500 shares of Class A common stock.

In addition, EverQuote has granted the underwriters a 30-day option to purchase up to 703,125 additional shares of Class A common stock from EverQuote at the public offering price, less underwriting discounts and commissions.

JP Morgan and BofA Merrill Lynch are acting as lead book-running managers for the offering. Canaccord Genuity, JMP Securities, Needham & Company, Oppenheimer & Co., Raymond James and William Blair are acting as co-managers for the offering.

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