Lemonade Inc. (NYSE: LMND) entered the market with a bang on Thursday. The shares went out well above the expected price: at $50.06, after pricing its 11 million shares at $29 apiece. There is an overallotment option for an additional 1.65 million shares. At the $29 price point, the entire offering was valued up to roughly $366.85 million.
The underwriters for the offering are Goldman Sachs, Morgan Stanley, Allen, Barclays, JMP Securities, Oppenheimer, William Blair and LionTree.
Lemonade is an insurance company that is looking to leverage technology, data, artificial intelligence, contemporary design and behavioral economics. This company offers homeowners and renters insurance in the United States, as well as contents and liability insurance in Germany and the Netherlands, through its full-stack insurance carriers.
The company’s goal is to replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. Lemonade gives excess premiums to nonprofits selected by its community during its annual Giveback. Lemonade is currently available for most of the United States, Germany and the Netherlands.
Lemonade said it intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures.
Shares of Lemonade traded up more than 88% at $54.64 on Thursday, in a range of $49.02 to $54.74 on the day thus far. More than 5 million shares had moved as of noon Eastern.
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
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It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
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