Online insurance comparator iSelect has confirmed plans to raise $25 million before a possible public listing next year.

But it says an initial public offering (IPO) on the Australian Securities Exchange is only one option, with a trade sale also possible.

“Our intention long-term is to certainly look at one of those two options,” a spokesman told insuranceNEWS.com.au.

iSelect denies reports that an IPO is imminent, saying it will not open up its ownership if market conditions are unfavourable.

It is currently 35% owned by Ninemsn, with the remainder held by private investors. It reported revenue of $112 million for 2011/12 and a pre-tax profit of $24.1 million.

A $10 million capital-raising last year, which saw US private equity group Spectrum Equity Investors buy in, valued iSelect at $300 million.

The latest plan to sell $25 million of shares at $18.50 each to institutional investors values it at more than $350 million.

The company spokesman told insuranceNEWS.com.au those value estimates are “in the ballpark”.

iSelect operates price and product comparison websites in health, life, car and travel insurance, and the broadband, utilities and home loans space, with the bulk of its revenue from health insurance.

Its spokesman says diversification is a “key strategic priority” but declined to reveal which products it is considering.

“Our overarching belief in our business model is that it can be applied to a range of areas that are complicated for consumers,” he said.