Online Insurer Lemonade Raises $319M in IPO

Lemonade elevated $319 million in its preliminary general public giving on Wednesday.

The online insurance coverage organization bought 11 million shares priced at $29 every single. Underwriters for the IPO will have an option to obtain an more 1.65 million shares in a thirty-working day window.

Goldman Sachs Team, Morgan Stanley, and Allen & Business are the taking care of bookrunners for the giving.

Lemonade priced the shares higher than its indicated range of $26 to $28.

The IPO values the New York-based mostly organization at $1.six billion, appreciably reduce than the $two.1 billion pre-dollars valuation it acquired as part of a $300 million funding round led by SoftBank Team last calendar year.

Lemonade, founded in 2015, predominantly targets very first-time insurance coverage buyers who are much more comfy with an entirely digitized method.

The company’s shares will start trading at the New York Stock Exchange on Thursday underneath the ticker “LMND.”

This tale initially appeared on Benzinga.

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