InsurTech start-up Lemonade has commenced the previously announced initial public offering (IPO) of its common stock, which could raise up to $286 million.
The company, which is backed by Japanese conglomerate SoftBank, announced in early June that it had filed a registration statement with the US Securities and Exchange Commission (SEC) to apply for listing on the New York Stock Exchange.
Today, Lemonade has announced the commencement of its IPO, with the InsurTech offering 11 million shares of its common stock at a price of between $23 and $26 per share. Additionally, Lemonade has said that it expects to grant the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its common stock at the IPO price.
At the high end of the range, the IPO stands to raise $286 million for Lemonade, which is far higher than the $100 million target cited previously.
According to Lemonade, the shares are expected to trade on the New York Stock Exchange under the ticker symbol LMND.
Goldman Sachs, Morgan Stanley, and Allen & Company are acting as the managing bookrunners for the IPO. Barclays is acting as a bookrunner, while JMP Securities, Oppenheimer & Co, William Blair and LionTree are acting as co-managers for the offering.
