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Illustration: Aïda Amer/Axios

SelectQuote, an Overland Park, Kansas-based insurance policy comparison site backed by Brookside Equity Partners, raised $570 million in its IPO.

Why it matters: This is the largest U.S. IPO since early February, and just one of a small handful of non-biotech or non-SPAC issuers to price at all.

  • SelectQuote will trade on the NYSE (SLQT), while Credit Suisse and Morgan Stanley were lead underwriters. It reports $60 million of profit on $263 million in revenue for the nine months ending March 31, 2020.
  • It priced 28.5 million shares at $20, above its $17-$19 range, for an initial market cap of $3.25 billion.

The bottom line: "Since late February, the Cboe Volatility Index, known as Wall Street’s fear gauge, has been above the 20-point threshold that most IPO hopefuls monitor to gauge investor jitters. But it has trended downwards in recent weeks, giving some companies confidence to test the market," writes Reuters.

Go deeper

GoodRx files for IPO

Illustration: Lazaro Gamio/Axios

GoodRx, a Santa Monica, California-based telemedicine and drug discount company, has filed to go public on the Nasdaq under the symbol "GDRX."

Why it matters: The company is among a flurry of tech firms that have recently filed to go public — and it's actually profitable.

3 hours ago - Health

Biden administration to lift travel ban for fully vaccinated international travelers

Photo: Win McNamee/Getty Images

White House COVID-19 response coordinator Jeff Zients announced on Monday that the Biden administration will allow fully vaccinated travelers from around the world to enter the U.S. beginning in November.

Why it matters: The announcement comes as President Biden seeks commitments from countries to donate vaccines to the global COVAX initiative. He is expected to host a COVID summit on the sidelines of the UN General Assembly this week, and many of the countries attending have expressed frustration with the travel ban.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Gen Z breaks into VC

Illustration: Aïda Amer/Axios

When Meagan Loyst joined VC firm Lerer Hippeau, less than two years out of Boston College, she was still living with her parents. She had virtually no online brand presence, and the pandemic made it impossible to build a professional network via in-person meetings.

Why it matters: Loyst wasn't alone. Venture firms have accelerated hiring in line with record deal activity, often seeking younger investors who can spot trends that fly below the radar (or intrinsic understanding) of older partners.