Ethos Technologies has priced its initial public offering and hopes to go public on Thursday, making it one of the first tech IPOs of the year.
If it lands in the current price range of $18 to $20 per share, it will enter the day valued at $1.26 billion at the high end – raising $102.6 million for itself and about $108 million for the selling shareholders. If investor interest is high, it can lead to higher prices. That means bigger prices and more money.
The company, which offers software for selling life insurance, is backed by Sequoia, Accel, Alphabet’s venture capital arm GV, Softbank, General Catalyst, and Heroic Ventures. Sequoia and Accel did not sell shares in the IPO, the companies said disclosed.
Ethos is a rising startup star in the pre-AI era, raising its only big round until 2021. In its early rounds, it was backed by a who’s who of the family office, including Will Smith, Robert Downey Jr., Kevin Durant, and Jay Z, the company. told TechCrunch in 2018.
It hit worth $2.7 billion by 2021 it has raised $400 million, most of that year. It just completed a small fundraiser after that, Pitchbook estimates.
Ethos is profitable and has been for years, its IPO documents are open. In the nine months ended September 30, Ethos generated nearly $278 million in revenue and just under $46.6 million in net income.