Online Insurer Lemonade Raises $319M in IPO

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

The on-line insurance business offered eleven million shares priced at $29 each. Underwriters for the IPO will have an selection to order an added one.sixty five million shares in a 30-working day window.

Goldman Sachs Team, Morgan Stanley, and Allen & Firm are the managing bookrunners for the offering.

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

The IPO values the New York-based mostly business at $one.six billion, substantially lower than the $two.one billion pre-revenue valuation it received as component of a $300 million funding round led by SoftBank Team previous 12 months.

Lemonade, established in 2015, mainly targets initial-time insurance purchasers who are additional at ease with an completely digitized process.

The company’s shares will start buying and selling at the New York Stock Trade on Thursday below the ticker “LMND.”

This story initially appeared on Benzinga.

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