Saved By Business

Online Insurer Lemonade Raises $319M in IPO

Lemonade elevated $319 million in its first public providing on Wednesday.

The on line coverage firm sold eleven million shares priced at $29 each. Underwriters for the IPO will have an alternative to buy an additional one.65 million shares in a thirty-day window.

Goldman Sachs Team, Morgan Stanley, and Allen & Firm are the running bookrunners for the providing.

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

The IPO values the New York-primarily based firm at $one.6 billion, noticeably reduced than the $two.one billion pre-income valuation it acquired as element of a $300 million funding spherical led by SoftBank Team previous yr.

Lemonade, founded in 2015, primarily targets to start with-time coverage purchasers who are much more at ease with an fully digitized method.

The company’s shares will commence investing at the New York Stock Exchange on Thursday beneath the ticker “LMND.”

This tale at first appeared on Benzinga.

© 2020 Benzinga.com. Benzinga does not present expenditure suggestions. All legal rights reserved.

Benzinga, Lemonade, New York Stock Exchange, on line coverage