Digital Insurance Agency EverQuote’s IPO Begins Today at $18 Per Share


Cambridge, Mass.-Based online insurance agency EverQuote Inc. announced the public offering of 4.687.500 shares of A Group shares at an IPO price of $ 18 per share. The stocks will begin trading at Nasdaq Global Market today under the symbol “EVER”.

EverQuote proposes 3.125.000 shares of Class A shares and 1,562,500 Class A common shares of shareholders. In addition, EverQuote has offered to purchase 703,125 shares of the EverQuote insurer for up to 30 days for public offering price, less discount and commission reduction.

The company announced its IPO plan on June 18th.

The proposal is expected to close on 2 July, subject to traditional closing conditions.

The company reported $ 123 million in 2016 and $ 126 million in 2017 from $ 97 million in 2015. Since 2013, the annual growth rate of 29 percent. The company has not made a profit – it lost $ 5.1 million in 2017 and $ 900,000 in 2016.

The offer is made with only one explanation. J.P. Morgan and Bofan Merrill Lynch will act as leading book managers for the offer. Canaccord Genuity, JMP Securities, Needham & Co., Oppenheimer & Co., Raymond James and William Blairwill are co-managers for the offer.

Established in 2011, EverQuote uses specialized technology and data to match insurers to carriers and agencies, both online and offline. The software proposes the carriers based on the consumer’s risk profile and on the knowledge of which carriers have similar profiles in the past.

EverQuote calls itself “the biggest online insurance market” with 10 million consumer visits per month. More than 90 percent of sales are auto insured; In 2016, it also started selling life and home insurance and started a safe driving application called EverDrive.

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The company says it will see growth in the future without widening its existing auto, home and life sales; Entering the rent insurance and commercial insurance markets; and investigating international insurance markets similar to the US.

The current network has more than 160 insurance companies, including a premium volume, more than 100 regional transport companies and enterprises, as well as the largest 20 property / casualty vessels, including more than 7,000 insurance agencies. Insurance companies in the network include Allstate, Farmers, State Farm, Country, Mercury, Liberty Mutual, Passenger, Hartford, American Family, Progressive and MetLife. EverQuote charges a fee when a consumer receives a policy.

In October, Stratim Capital, Oceanic Partners and T Capital Partners, managed by 2014 EverQuote, Maryland-based Savano Capital Partners, closed an investment of $ 23 million in the B Series.

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