Slide Insurance launches IPO to raise up to $340m
Slide Insurance Holdings has announced its initial public offering (IPO) in the US, aiming to raise up to $340m.
In its press statement, the company said it will be offering 20 million shares of common stock priced between $15 and $17 each.
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Slide will sell 16.67 million shares, while certain selling shareholders will offer 3.33 million.
The shares are set to trade on the Nasdaq Global Select Market under the ticker SLDE.
The IPO could value Slide at up to $2.12bn, according to Bloombergand Reuters.
Slide was founded in 2021 by Bruce and Shannon Lucas. It is a technology-enabled insurer focusing on underwriting single-family and condominium policies in coastal states along the Atlantic seaboard.
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By GlobalDataThe company’s business model includes acquiring policies through block acquisitions and renewals, as well as generating new business through independent agents and a direct-to-consumer channel.
This approach allows Slide Insurance to sell its products directly to consumers, bypassing other intermediaries, the company said in the filing last month.
In the first quarter of 2025 (Q1 2025), Slide Insurance reported net income of $92.5m, an increase from $54.7m in the same quarter the previous year.
The company’s total revenue for the quarter rose to $281.5m, up from $199.1m in Q1 2024.
Gross written premiums reached $278.2m in Q1 2025, compared with $244.6m the prior year.
Barclays and Morgan Stanley are leading the IPO, with Citizens Capital Markets, Keefe, Bruyette & Woods, and Piper Sandler as co-managers, as per the press release.
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