Lemonade raised $319 million in its initial community presenting on Wednesday.
The on-line coverage firm marketed 11 million shares priced at $29 each. Underwriters for the IPO will have an solution to invest in an further one.sixty five million shares in a thirty-working day window.
Goldman Sachs Group, Morgan Stanley, and Allen & Corporation are the running bookrunners for the presenting.
Lemonade priced the shares higher than its indicated assortment of $26 to $28.
The IPO values the New York-centered firm at $one.six billion, significantly reduce than the $2.one billion pre-dollars valuation it obtained as part of a $300 million funding round led by SoftBank Group last 12 months.
Lemonade, launched in 2015, mostly targets initial-time coverage buyers who are a lot more at ease with an totally digitized approach.
The company’s shares will start trading at the New York Stock Exchange on Thursday under the ticker “LMND.”
This tale at first appeared on Benzinga.
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