New York : Shares of Israeli start-up Lemonade Inc surged more than double in the New York stock exchange debut. The SoftBank group backed Lemonade opened at $50.06 on Thursday morning trade. The stock (LMND) added $32 or 111% to $61.14 on the NYSE in mid-day trading hour.
The huge performance comes after Lemonade raised $319 million through Initial Public Offering (IPO). The company sold almost 11 million shares at $29 each , above its $26-$28 IPO price range.
The company said it has digitized the entire Insurance process , replacing brokers and paperwork with algorithms, helping it provide policies to homeowners and renters in as little as 90 seconds and claim payments in three minutes.
Launched in 2016, Lemonade provides insurance for renters and homeowners in the United States for stolen or damaged property as well as personal liability.
Lemonade has raised $480 million in funding . Investors include Softbank, Sequola Capital, General Catalyst partners, Aleph, and XL Innovate . Softbank owns a 27.3 % stake in Lemonade.
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