Online Insurer Lemonade Raises $319M in IPO

Lemonade elevated $319 million in its initial community presenting on Wednesday.

The on the web insurance coverage firm sold 11 million shares priced at $29 just about every. Underwriters for the IPO will have an choice to invest in an further one.sixty five million shares in a thirty-working day window.

Goldman Sachs Team, Morgan Stanley, and Allen & Corporation are the handling bookrunners for the presenting.

Lemonade priced the shares previously mentioned its indicated variety of $26 to $28.

The IPO values the New York-dependent firm at $one.six billion, considerably decrease than the $2.one billion pre-cash valuation it gained as aspect of a $three hundred million funding spherical led by SoftBank Team very last yr.

Lemonade, established in 2015, largely targets 1st-time insurance coverage customers who are extra relaxed with an fully digitized process.

The company’s shares will get started investing at the New York Inventory Exchange on Thursday underneath the ticker “LMND.”

This tale initially appeared on Benzinga.

© 2020 Benzinga.com. Benzinga does not offer financial commitment assistance. All legal rights reserved.

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