AI insurtech Lemonade upsizes IPO price range

AI-powered insurtech company Lemonade, which is backed by Japanese conglomerate SoftBank, has increased the target range for its initial public offering (IPO), which is now set to raise $319 million.

Lemonade is offering 11 million shares of its common stock at a price of $29 per share. Earlier in June, the price range was set between $23 and $26 per share.

Lemonade has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its common stock at the initial public offering price.

The shares are expected to trade on the New York Stock Exchange on July 2 under the ticker symbol 'LMND', and the offering is expected to close on July 7, 2020, subject to customary closing conditions.

Goldman Sachs & Co., Morgan Stanley and Allen & Company are acting as the managing bookrunners for the offering.

Barclays is acting as a bookrunner. JMP Securities, Oppenheimer & Co., William Blair and LionTree are acting as co-managers for the offering.