The provider has now filed with the U.S. Securities and Exchange Commission for an offering of up to $75 million.
Trupanion Inc., the large American pet insurance company, has recently announced that it is planning an initial public offering (IPO) on the New York Stock Exchange, and has now made its filing.
This insurance company will be listed on the exchange under the “TRUP” symbol.
The intention of the pet insurance provider is to raise up to $75 million for its IPO. That said, that figure is not set in stone and it may change before the actual IPO. Trupanion did say that a segment of the proceeds that it manages to raise will be used for paying off some of the debt that it has accumulated.
This pet insurance company is based in Seattle and has been rapidly growing into other countries.
Though the cat and dog health insurance plans started in the United States, they are now also available in Puerto Rico and Canada. Though it is now headquartered in Seattle, it officially found its start in Canada, having been founded under the name Vetinsurance Ltd. in 2000.
These veterinary medical plans have covered 181,634 dogs and cats as of March 31, 2014. This figure was included in the filing that was made by the company in its U.S. Securities and Exchange Commission (SEC). The revenue that is generated by this insurer comes from the subscription fees that are associated with its monthly plan.
Over the year that ended on December 31, last year, that revenue increased to reach 83.8 million, which represents a 64 percent compound annual growth, said the filing that it made with the SEC.
The pet insurance company also explained in its filing that since the first quarter of 2010, it has managed to post a quarter over quarter revenue growth. Within the most recent quarter, which ended at the close of March, the company had reported a $25.6 million revenue. That represents a year over year growth of 44 percent. Although the insurer has been consistently growing, it is still reporting net losses. By March 31, it had a $40.9 million cumulative deficit.