Insurtech start-up Lemonade has raised $319 million at its Initial Public Offering (IPO) after high-demand saw its price increase to $29 a share.
Lemonade commenced its IPO last week with an expectation that it would offer 11 million shares of its common stock at a price of between $23 and $26 per share.
But high-demand saw that figure increase and eventually fall outside of the upper estimate.
The startup has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its common stock for a total of $47.9 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.
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.