© Reuters. By Christiana Sciaudone
Investing.com — Thirsty buyers despatched Lemonade Inc. (NYSE:)greater in its first day of buying and selling on Thursday, greater than doubling its IPO value.
The web dwelling insurance coverage supplier, which has obtained main funding from SoftBank, opened at $50.06 and traded as excessive as $63.87 after pricing at $29.
LMND jumped 120% after elevating $319 million in its preliminary public providing in New York. SoftBank maintains an virtually 22% stake within the firm, which offered 11 million shares at $29 every on Wednesday after advertising and marketing them at $26 to $28 every.
Final yr, SoftBank led a $300 million funding spherical in Lemonade, which has but to show a revenue.
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