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- Lemonade, a technology-driven insurance company backed by Softbank, soared 132% in its commercial 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 on her IPO debut.
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Investors turned lemons into lemonade on Thursday as they offered Lemonade shares more than 130% in their commercial debut.
Lemonade is a technology-driven insurance company that focuses on digitizing the process for consumers who obtain different types of insurance.
The company is backed by Softbank and originally set the price of its initial public offering in a trading range of $ 23 to $ 26 in late June. Lemonade raised its IPO price and went public to $ 29 a share, which was above the expected range of $ 26 to $ 28 from Thursday morning, indicating that investors are hungry for tech companies. .
Read more: The # 1 tech analyst on Wall Street says these 6 stocks have big profit potential as they transform the sector.
The IPO raised $ 319 million in funds for the technology company and valued it at $ 1.6 billion. It was valued at $ 2.1 billion in its 2019 round of financing, representing a 23% decrease.
Lemonade started trading at 11:34 am and opened at a price of $ 50.06.
At its peak Thursday, lemonade shares rose as much as 132% to $ 67.46, representing a market valuation of $ 3.7 billion, well ahead of its 2019 round of financing.
Read more: Cathie Wood’s firm built 3 of the best ETFs in the world, doubling their value in 3 years. She told us about her 3-part process to spot unappreciated technologies before they explode.
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