Insurance comparator iSelect says its share offer to institutions was oversubscribed.

The offer, which closed on June 17, included the sale of about 62.35 million shares and the issue of about 54.05 million new ones.

Based on the offer price of $1.85 a share, the company’s market capitalisation at listing was about $479.3 million.

iSelect was scheduled to debut on the Australian Securities Exchange today.

“The very strong response from institutional and retail investors alike was very encouraging,” CEO Matt McCann said.

The company says funds raised will allow it to strengthen its balance sheet, pay down debt and provide flexibility for future growth.