Online Insurer Lemonade Raises $319M in IPO

Lemonade lifted $319 million in its first general public supplying on Wednesday.

The on-line coverage firm sold 11 million shares priced at $29 every. Underwriters for the IPO will have an alternative to obtain an supplemental 1.65 million shares in a thirty-day window.

Goldman Sachs Team, Morgan Stanley, and Allen & Enterprise are the controlling bookrunners for the supplying.

Lemonade priced the shares over its indicated array of $26 to $28.

The IPO values the New York-centered firm at $1.six billion, appreciably lessen than the $two.1 billion pre-income valuation it received as component of a $300 million funding round led by SoftBank Team final 12 months.

Lemonade, launched in 2015, primarily targets initially-time coverage prospective buyers who are far more cozy with an fully digitized approach.

The company’s shares will start buying and selling at the New York Inventory Exchange on Thursday under the ticker “LMND.”

This tale initially appeared on Benzinga.

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