Ateev Bhandari and Arasu Kannagi Basil
2 min read
By Ateev Bhandari and Arasu Kannagi Basil
(Reuters) -Insurance tech company Slide is aiming for a valuation of up to $2.12 billion in its U.S. initial public offering, joining a lineup of insurance companies that have made impressive stock market debuts in recent weeks.
The company's roadshow launch follows stellar listings in recent weeks from eToro and Circle , underscoring a revival of investor appetite for market debutants after months of dealmaking paralysis from U.S. policy turbulence.
Slide and some of its existing stakeholders are looking to raise up to $340 million by offering 20 million shares priced between $15 and $17 each, the company revealed in a filing on Monday.
Insurers are more immune to market downturns, analysts have said, with heightened uncertainty boosting demand for their risk-mitigation offerings.
"The ongoing hard market in property and casualty lines has also supported strong underwriting margins, making insurers attractive candidates," said Kat Liu, vice president at IPOX.
While, Apollo-backed Aspen Insurance and Florida-based American Integrity Insurance went public last month, specialty insurer Ategrity is poised to debut later this week.
Founded in 2021, Slide offers family and condominium insurance policies in Florida and South Carolina. The company's profit rose 69.1% to $92.5 million for the quarter ended March 31.
Filings show 99.5% of Slide's policies are concentrated in Florida, where the company is aiming to grow its footprint in a market from which some insurers are pulling back, due to its history of natural disasters, primarily hurricanes.
The company is led by Bruce Lucas, who previously founded and led Heritage Insurance. Lucas's total compensation for 2024 was nearly $21.2 million, notable even when compared to large national carriers.
Barclays and Morgan Stanley are the lead underwriters on the listing.
The company's shares are expected to start trading on the Nasdaq under the symbol "SLDE".
(Reporting by Ateev Bhandari and Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber)
