May 27, 2024

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Online Insurer Lemonade Raises $319M in IPO

Lemonade lifted $319 million in its preliminary community giving on Wednesday.

The on-line coverage enterprise bought eleven million shares priced at $29 each. Underwriters for the IPO will have an selection to order an extra 1.65 million shares in a thirty-working day window.

Goldman Sachs Group, Morgan Stanley, and Allen & Business are the running bookrunners for the giving.

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

The IPO values the New York-centered enterprise at $1.six billion, considerably lessen than the $two.1 billion pre-dollars valuation it received as component of a $300 million funding round led by SoftBank Group last calendar year.

Lemonade, established in 2015, largely targets first-time coverage purchasers who are much more comfortable with an entirely digitized approach.

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

This story at first appeared on Benzinga.

© 2020 Benzinga.com. Benzinga does not present investment information. All legal rights reserved.

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