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PE-backed SelectQuote goes public

SelectQuote Inc, a provider of price comparisons from some insurance carriers, has debuted its IPO after pricing its 28.5 million shares at $20 per share.

SelectQuote Inc, a provider of price comparisons from some insurance carriers, has debuted its IPO after pricing its 28.5 million shares at $20 per share. The stock began trading May 21, 2020 on the New York Stock Exchange under the ticker symbol “SLQT.” Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Evercore Group L.L.C., RBC Capital Markets LLC, Barclays Capital Inc., Citigroup Global Markets Inc and Jefferies LLC are the lead underwriters. SelectQuote is backed by Brookside Equity Partners.

PRESS RELEASE

OVERLAND PARK, Kan.–(BUSINESS WIRE)–SelectQuote, Inc. (NYSE: SLQT), a pioneer in providing consumers with unbiased price comparisons from some of the most trusted insurance carriers, today announced the pricing of its initial public offering of 28,500,000 shares of its common stock at a price of $20.00 per share.

Of the offered shares, 18,000,000 shares are being offered by SelectQuote and 10,500,000 shares are being offered by selling stockholders. The selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 4,275,000 shares at the initial public offering price less underwriting discounts and commissions. SelectQuote will not receive any proceeds from any sale of shares by the selling stockholders. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “SLQT” on May 21, 2020. The offering is expected to close on May 26, 2020 subject to customary closing conditions.

Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Evercore Group L.L.C., RBC Capital Markets, LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and Jefferies LLC are acting as joint bookrunners. Cantor Fitzgerald & Co., Keefe, Bruyette & Woods, Inc., Piper Sandler & Co. and Drexel Hamilton LLC, are acting as co-managers for this offering.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on May 20, 2020. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, may be obtained from Credit Suisse Securities (USA) LLC, By mail: Attn: Prospectus Department, Eleven Madison Avenue, 3rd floor, New York, New York 10010, By phone: 1-800-221-1037, By e-mail: usa.prospectus@credit-suisse.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, New York, NY 10055, by telephone at (888) 474-0200 or by email at ecm.prospectus@evercore.com; and RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, by telephone at 877-822-4089 or by email at equityprospectus@rbccm.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About SelectQuote:
Founded in 1985, SelectQuote pioneered the model of providing unbiased comparisons from multiple highly rated insurance companies delivering the best policy and terms to customers. SelectQuote is an innovative and established leader in building and operating insurance exchanges for life, Medicare, auto and home insurance products.