Trupanion becomes publicly traded company
Seattle-based pet insurance company, Trupanion, became a public company July 18 with its initial public offering (IPO) with the U.S. Securities and Exchange Commission. The company sold 7.1 million shares on the New York Stock Exchange (TRUP) priced at $10 per share at opening, closing up at $11.40. The IPO raised about $71 million before discounts and other costs according to The Seattle Times.
Kerri Marshall, DVM, chief veterinary officer for Trupanion says the company is working to build and invest in technology and business processes that work for veterinarians rather than veterinarians bending their medicine to insurance, “We are becoming a public company to continue this work to help veterinarians and their clients do what they do best, care for pets. We believe the Trupanion model will help lead to pet health insurance becoming the norm and veterinarians will really see a huge shift in their ability to do quality veterinary medicine,” she says.
Trupanion is one of many companies competing for the small percentage of American pet owners who insure their pets. Trupanion reported a revenue increase to $83.8 million in 2013 and is looking to reach $1 billion in annual revenue in the future.
Trupanion is backed by Maveron Capital, which holds 33.7 percent of the company, and the Highland Consumer Fund, which holds 15.8 percent. Trupanion CEO Darryl Rawlings owns 12.9 percent. Underwriters have an option to sell an additional 1 million shares if demand is sufficient in the next 30 days.