Online insurance comparator iSelect plans to raise $215 million through a share offer before listing on the Australian Securities Exchange late next month.

iSelect’s financial adviser Credit Suisse (Australia) and Baillieu Holst are joint lead managers on the offer, which is being promoted to financial groups this month.

The offer price of $1.85 a share would raise $100 million from the issue of about 54 million new shares and $115 million from selling 62 million current shares. Major stakeholder Ninemsn would sell its holding.

iSelect would have an indicative market capitalisation of $479.3 million based on 259.1 million shares.

The business provides price and product comparisons for health, life and car insurance, plus home loans, broadband, gas, electricity and a range of financial products.

The bulk of its revenue comes from the health insurance unit, which launched in 2000.

Proceeds from the initial public offering will support growth plans, including acquisitions, and strengthen the balance sheet by paying down debt.

iSelect reported a net profit after tax of $12.9 million and operating revenue of $111.9 million last fiscal year.

It has forecast net profit of $14.5 million this fiscal year, with operating revenue of $121.6 million.

A prospectus is to be lodged with the Australian Securities and Investments Commission on May 31. An iSelect spokesman declined to comment until the prospectus is available.