Accelerant seeks full valuation on US$578.9m IPO
Accelerant launched marketing early on Tuesday of its up to US$578.9m NYSE IPO, providing it with funds to clean up its capital structure and giving investors a new way to invest in speciality insurance.
Morgan Stanley, Goldman Sachs, BMO Capital Markets and RBC Capital Markets are joint bookrunners on the proposed sale of 28.95m shares, including 8.7m by secondary sellers, at US$18–$20. The banks expect to price the offering after the market close next Wednesday, July 23.
“There is no perfect comp,” one banker involved in the offering told IFR. “The closest comp is Lloyds, but Lloyds is not public, is slower-growing and does not use technology to the same extent. Most investors are comping Accelerant to Ryan Specialty because of similarities on the insurance ecosystem and distribution.”
Lloyd’s of London is an insurance marketplace collectively owned by a group of corporate members and individuals.
Founded in 2018 by insurance execs, Accelerant is an insurance marketplace that matches underwriters of speciality insurance with investors, though it also directly underwrites insurance and has a reinsurance arm.
In the trailing 12 months ended March 31, the company processed US$3.5bn of insurance premiums underwritten, US$1bn by independent insurance brokerages and US$2.5bn directly underwritten.
Accelerant earns a fee for third-party insurance underwritten on the exchange as well as ongoing fees to assess and monitor losses.
In 2024, Accelerant generated US$113m of adjusted Ebitda while growing revenue by 75% to US$602.6m. In the first six months of 2025, the company estimates Ebitda at US$100m–$105m, based on preliminary unaudited results provided at the IPO launch.
At the top of the marketing range, Accelerant is targeting a fully diluted market capitalisation of US$5bn and an enterprise value of US$3.65bn.
“With a lot of businesses that are growing rapidly, investors focus on Ebitda to normalise earnings,” said a second banker. “For Accelerant, our analyst is projecting growth begins to moderate in 2026.”
Accelerant is going public at roughly a 20 times multiple of EV-to-Ebitda projected for 2025 and a mid-teens multiple of 2026 Ebitda. Ryan Specialty trades at 20.9 and 17.6 analyst consensus Ebitda, according to LSEG data.
Accelerant is using proceeds from the sale of 20.3m new shares to clean up its capital structure, primarily to redeem Class C convertible preferred shares. Selling shareholders led by Todd Boehly’s Eldridge Accelerant investment vehicle, Barings and Altamont Capital are selling 8.7m shares combined.