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EverQuote to offer 3,125,000 class A common shares in IPO

EverQuote Inc., an online auto insurance marketplace, is proposing to sell 3,125,000 class A common shares in its initial public offering.

Selling shareholders are offering an additional 1,562,500 shares as part of the offering.

The company has also granted the underwriters an overallotment option to purchase up to 703,125 additional class A shares.

The IPO is expected to price between $15 and $17 per share.

Net proceeds from the sale of class A common shares, after deducting estimated underwriting discounts and commissions and estimated offering expenses, will be about $43.2 million, based on an IPO price of $16.00 per share. If the underwriters exercise their option in full, net proceeds will be about $53.7 million. The company will not receive any proceeds from the sale by the selling shareholders.

The company plans to use the net proceeds for working capital, capital expenditures and general corporate purposes, which could include possible strategic transactions and international expansion.

J.P. Morgan, Bank of America Merrill Lynch, Canaccord Genuity, JMP Securities, Needham & Co., Oppenheimer & Co., Raymond James and William Blair are underwriters for the offering.

The company has applied to list its class A common stock on the Nasdaq Global Select Market under the symbol EVER.