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

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