Lemonade shares squeeze higher in stock market debut
Lemonade IPO raised $329 million
Lemonade co-founder and CEO Daniel Schreiber discusses how his insurance company is appealing to Millennials by working to save them money and time using artificial intelligence.
Lemonade Inc. shares soared in their New York Stock Exchange debut on Thursday.
The New York-based insurance startup backed by Japanese tech giant SoftBank opened for trading at $50.06 a share and reached as high as $67.45, up 133 percent from its $29 pricing the prior evening. Lemonade was expected to price the offering in the $26 to $28 range.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LMND | LEMONADE INC. | 74.26 | +5.80 | +8.47% |
The initial public offering, which raised $329 million, valued Lemonade at $1.6 billion, less than the $2.1 billion valuation after the company’s most recent funding round.
POSTMATES PLANNING IPO FILING FOR NEXT WEEK
Last year, Lemonade raised $300 million through a round led by SoftBank, which owns a 27.3 percent stake, and included German insurer Allianz SE and Alphabet’s venture capital business GV, according to Reuters.