Lemonade Inc logo

LMND - Lemonade Inc News Story

$66.84 -1.9  -2.7%

Last Trade - 07/08/20

Sector
Financials
Size
Large Cap
Market Cap £2.87bn
Enterprise Value £3.23bn
Revenue £60.6m
Position in Universe 1325th / 6358

BUZZ-Lemonade: Make it a double

Thu 2nd July, 2020 5:38pm
** SoftBank-backed  9984.T  insurance startup Lemonade Inc
 LMND.N  more than doubles in debut even after IPO prices above
heightened expectations
    ** LMND opens 73% above $29 IPO price and surges to as high
as $67.45. Stock last up 109.0% at $60.63 
    ** ~90% of IPO deal shares traded in first hour
    ** Lemonade sells 11 mln shares $1 above already elevated
range of $26-$28, raises $319 mln; co had originally marketed
IPO in range of $23-$26  urn:newsml:reuters.com:*:nL4N2E938Q
    ** "Insurtech" firm uses artificial intelligence and big
data to disrupt existing business models, maximize efficiency
and mitigate insurance risk
    ** LMND opening price values co at $2.75 bln, well over $2.1
bln it achieved last year in funding round led by Japan's
SoftBank, and which included insurer Allianz SE  ALVG.DE  and
Alphabet Inc's  GOOGL.O  venture capital arm, GV
    ** Goldman Sachs, Morgan Stanley, Allen & Co and Barclays
leading 8-firm underwriting group for the IPO
    ** Lemonade's juicy debut comes on heels of business
analytics co Dun & Bradstreet's  DNB.N  solid showing on Weds as
IPO momentum continues  urn:newsml:reuters.com:*:nL1N2E81KC

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))
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