Online Insurer Lemonade Raises $319M in IPO

Elvera Bartels

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

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