Online Insurer Lemonade Raises $319M in IPO

Lemonade elevated $319 million in its original community supplying on Wednesday.

The online insurance plan company sold 11 million shares priced at $29 each individual. Underwriters for the IPO will have an possibility to acquire an extra 1.sixty five million shares in a thirty-working day window.

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

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

The IPO values the New York-dependent company at $1.6 billion, substantially reduced than the $2.1 billion pre-money valuation it received as part of a $300 million funding round led by SoftBank Group past yr.

Lemonade, founded in 2015, predominantly targets very first-time insurance plan customers who are additional comfy with an totally digitized system.

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

This tale originally appeared on Benzinga.

© 2020 Benzinga does not give financial investment information. All rights reserved.

Benzinga, Lemonade, New York Stock Trade, online insurance plan