Chairman of Renaissance Capital Kathleen Smith says IPOs will perform well once market volatility begins to wane.
Lemonade Inc. shares soared in their New York Stock Exchange debut on Thursday.
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The New York-based insurance startup backed by Japanese tech giant SoftBank opened for trading at $50.06 a share and reached as high as $67.45, up 133 percent from its $29 pricing the prior evening. Lemonade was expected to price the offering in the $26 to $28 range.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LMND | LEMONADE INC. | 60.45 | +10.39 | +20.76% |
The initial public offering, which raised $329 million, valued Lemonade at $1.6 billion, less than the $2.1 billion valuation after the company’s most recent funding round.
POSTMATES PLANNING IPO FILING FOR NEXT WEEK
Last year, Lemonade raised $300 million through a round led by SoftBank, which owns a 27.3 percent stake, and included German insurer Allianz SE and Alphabet’s venture capital business GV, according to Reuters.
