SoftBank-backed Lemonade soars 73% in U.S. market debut

SoftBank-backed Lemonade raises $319 million in IPO

SoftBank-backed Lemonade raises $319 million in IPO

Lemonade had previously guided for the offering to be priced between US$23 and US$26 per share. At the last minute, the company bumped up the per-share price to $29/share. Learn more about the basics of an IPO.

The debut is the latest market test for unprofitable, venture capital-backed companies as the coronavirus pandemic spurs an investor flight to safety. Shares in automative retailer Vroom Inc. have more than doubled since it went public last month.

Lemonade has yet to turn profitable since its inception in 2015, it said in its prospectus. In the 3 months that ended on 31 March, the American insurance firm reported a net loss of £29.28 million as compared to a much lower £17.33 million in the same period previous year. Its sales, however, registered a more than 100% growth in the said quarter on a year over year basis. That is less than the US$2.1 billion it was valued at a year ago, after it raised US$300 million in a funding round led by Japan's SoftBank and which included insurer Allianz SE and Alphabet Inc's venture capital arm GV. At the time, the insurer was valued at £1.68 billion. Following its IPO, SoftBank now has a 21.8% stake in Lemonade. Sequoia Capital Israel and General Catalyst are also among backers.

Saif Ali Khan reveals black truth of industry over nepotism
Bollywood actor Sushant Singh Rajput's untimely death has once again led to debate and discussion around nepotism in Bollywood. Moving on, Saif Ali Khan described Sushant as "talented" and "good looking" and thought that he had a bright future.

Goldman Sachs Group Inc., Morgan Stanley, Allen & Co. and Barclays Plc are leading the offering. All CFDs (shares, indexes, futures) and Foreign exchange rates are not presented by exchanges but relatively by market place makers, and so rates might not be precise and might vary from the true market place cost, this means rates are indicative and not suitable for buying and selling needs.

With market futures showing a strong start today, in part due to a good jobs report, Lemonade may be off to a good start.

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