(Barron’s) Link to Article Here – The successful public offering of Lemonade, the so-called Insurtech backed by SoftBank Group, is a vote for digitizing an insurance industry that is hundreds of years old to provide better and cheaper coverage for customers, Tim Bixby, the company’s chief financial officer, told Barron’s.
Lemonade (ticker: LMND) went public Thursday on the New York Stock Exchange and saw its shares rocket 139% in its first day of trading. The debut comes after the five-year old startup raised $319 million late Wednesday. It sold 11 million shares at $29 each, above its $26 to $28 price range. “We’re excited to add a bunch of new, amazing investors who seem pleased about our future prospects,” Bixby said. “Our stock values are about the future, not the past.”— Lemonade's IPO Soars More Than 100% in First Day of Trading