Insurance Tech Firm TypTap Delays U.S. IPO

HCI Group Inc on Wednesday postponed the initial public offering (IPO) of its insurance unit TypTap Insurance Group Inc, joining a growing list of companies rethinking their plans to go public due to volatile market conditions.

TypTap confidentially filed for an IPO in August last year, when the pandemic had forced the insurance sector to rely heavily on artificial intelligence and big data to reach customers.

The decision to delay TypTap’s IPO comes amid a recent sell-off in technology shares and the poor performance of several companies that went public in 2021.

More than 60% of companies that went public last year are currently trading below their IPO price, according to data from Refinitiv.

Human resources and payroll software maker Justworks also postponed its U.S. IPO plans earlier on Wednesday, citing market conditions, while apparel chain operator Authentic Brands Group Inc withdrew its U.S. listing plans last week.

Founded in 2016, TypTap raised $100 million from a fund affiliated with Centerbridge Partners in February last year. The investment, representing about 11.75% of TypTap, implied a post-money valuation of about $850 million for the company.

Read all the Latest News, Breaking News and Coronavirus News here.

For all the latest Technology News Click Here 

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.