Online Insurer Lemonade Raises $319M in IPO

Lemonade elevated $319 million in its first community featuring on Wednesday.

The on the web insurance policy organization sold 11 million shares priced at $29 every single. Underwriters for the IPO will have an alternative to invest in an supplemental 1.sixty five million shares in a 30-day window.

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

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

The IPO values the New York-based organization at $1.6 billion, substantially lessen than the $2.1 billion pre-money valuation it received as element of a $300 million funding round led by SoftBank Group past calendar year.

Lemonade, launched in 2015, largely targets to start with-time insurance policy potential buyers who are much more relaxed with an totally digitized approach.

The company’s shares will begin buying and selling at the New York Inventory Exchange on Thursday below the ticker “LMND.”

This tale originally appeared on Benzinga.

© 2020 Benzinga does not offer investment suggestions. All legal rights reserved.

Benzinga, Lemonade, New York Inventory Exchange, on the web insurance policy

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