Online Insurer Lemonade Raises $319M in IPO

Lemonade lifted $319 million in its preliminary general public providing on Wednesday.

The on the internet insurance enterprise offered 11 million shares priced at $29 each and every. Underwriters for the IPO will have an selection to invest in an further one.65 million shares in a thirty-working day window.

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

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

The IPO values the New York-dependent enterprise at $one.six billion, noticeably reduced than the $2.one billion pre-income valuation it been given as component of a $three hundred million funding round led by SoftBank Team past yr.

Lemonade, launched in 2015, generally targets initial-time insurance prospective buyers who are extra comfy with an entirely digitized method.

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

This tale originally appeared on Benzinga.