Ethos Applied sciences has priced its preliminary public providing and the expectation is that it’ll go public on Thursday, making it one of many first tech IPOs of the 12 months.
If it lands in its present worth vary of $18 to $20 a share, it’ll enter the day valued at $1.26 billion on the excessive finish — elevating $102.6 million for itself and about $108 million for its promoting shareholders. Ought to investor curiosity be excessive, it might wind up pricing greater. Which means an even bigger valuation and extra money raised.
The corporate, which affords software program to promote life insurance coverage, is backed by Sequoia, Accel, Alphabet’s enterprise capital arm GV, Softbank, Basic Catalyst, and Heroic Ventures. Sequoia and Accel usually are not promoting shares within the IPO, the corporate disclosed.
Ethos was a rising startup star within the pre-AI period, elevating one huge spherical after one other by way of 2021. In its early rounds, it was backed by a who’s who of household places of work, together with these of Will Smith, Robert Downey Jr., Kevin Durant, and Jay Z, the corporate advised TechCrunch in 2018.
It hit a $2.7 billion valuation in 2021 having raised $400 million by then, most of it that 12 months. It accomplished solely very small fundraises after that, Pitchbook estimates.
Ethos is worthwhile and has been for years, its IPO paperwork disclose. Within the 9 months ending September 30, Ethos generated virtually $278 million in income and just below $46.6 million in web earnings.
