TRX Insurance Brokers, a Chinese insurance brokerage, has filed with the Securities and Exchange Commission to raise up to $15m in an initial public offering on Nasdaq.
The company has brokerage relationships with more than 40 insurance carriers across China and operates a number of subsidiaries, according to a report in Seeking Alpha.com.
The company’s primary offerings include:
Property & casualty insurance for auto, commercial property and liability
Life insurance for individuals and groups.
The company currently has eight branches in Tier 1 cities and markets to customers via a dedicated direct sales.
TIRX plans to use part of the IPO proceeds to expand its network to more than ten branches within the PRC by early 2020, to eventually become a leading national insurance intermediary company.
The Beijing-based company was founded in 2010 and booked $3m in sales for the 12 months ended 31 October 2018. No IPO pricing terms were disclosed.