Lemonade, a tech-driven insurance company, soars 132% in trading debut (LMND)

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Lemonade CEO Daniel SchreiberKimberly White/Getty Images

  • Lemonade, a tech-driven insurance company backed by Softbank, soared 132% in its trading debut on Thursday.
  • The company set its IPO price at $29, representing a market valuation of $1.6 billion.
  • It was valued at $2.1 billion in its 2019 funding round.
  • Lemonade raised $319 million in its IPO debut.
  • Visit Business Insider’s homepage for more stories

Investors turned lemons into lemonade on Thursday, as they bid up shares of Lemonade more than 130% in its trading debut.

Lemonade is a tech-driven insurance company that is focused on digitizing the process of consumers obtaining different types of insurance.

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The company is backed by Softbank and originally priced its initial public offering at a trading range of $23 to $26 in late June. Lemonade raised its IPO price and went public at $29 per share, which was above the expected $26 to $28 range from earlier Thursday morning, signaling investors are hungry for technology companies.

The IPO raised $319 million in funds for the tech company, and valued it at $1.6 billion. It was valued at $2.1 billion in its 2019 funding round, representing a 23% decline.

Read more: Cathie Wood’s firm built 3 of the world’s best ETFs, which all doubled in value within 3 years. She told us her 3-part process for spotting underappreciated technologies before they explode.

Lemonade began trading at 11:34 a.m. and opened at a price of $50.06.

At its peak on Thursday, Lemonade stock traded up as much as 132% to $67.46, representing a market valuation of $3.7 billion, well ahead of its 2019 funding round. 

https://markets.businessinsider.com/news/stocks/lemonade-stock-price-soars-ipo-trading-debut-tech-insurance-company-2020-7-1029363821

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