Slide Insurance has announced the pricing of its upsized initial public offering at $17.00 per share for 24,000,000 shares of common stock with a par value of $0.01 per share.
The company is offering 16,666,667 shares, while certain selling stockholders are offering 7,333,333 shares.
Slide is a technology-enabled insurance company that makes it easy for modern consumers to choose the right coverage for their unique needs and budgets.
Slide’s cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every part of the insurance process.
Based on the offering price, Slide will generate approximately $283.3 mn in gross proceeds from its portion of the share sale. The company will not receive any proceeds from the sale of shares by selling stockholders.
The selling stockholders have also granted underwriters a 30-day option to purchase up to an additional 3,600,000 shares at the public offering price, less underwriting discounts and commissions.
If fully exercised, this option could raise a further $61.2 mn. In total, the offering has the potential to raise $408 mn, although only a portion of these funds will go to Slide.
The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “SLDE” on June 18, 2025. The transaction is scheduled to close on June 20, 2025, subject to customary closing conditions.
Barclays and Morgan Stanley are serving as joint book-running managers for the offering. Citizens Capital Markets, Keefe, Bruyette & Woods (a Stifel company), and Piper Sandler are acting as co-managers.
Based in Tampa, FL the company was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes. Slide launched operations in February 2022 and has quickly grown to become a leading coastal P&C insurance company.
In 2024, Slide Insurance has secured a $175 mn senior credit facility led by Regions Bank in its capacity as Administrative Agent, Joint Lead Arranger, and Joint Bookrunner. Synovus Bank and Texas Capital Bank, through its TCBI Securities Inc. division, also supported the transaction as a Joint Lead Arranger and Joint Bookrunner.
Use of proceeds for the transaction includes refinancing a bilateral senior credit facility previously provided by Regions in addition to providing incremental capital to support various organic and inorganic growth initiatives.
