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Thirsty Investors Send Lemonade Soaring, Up 130% in Trading Debut

Published 07/02/2020, 12:05 PM
Updated 07/02/2020, 03:57 PM
© Reuters.

By Christiana Sciaudone

Investing.com -- Thirsty investors sent Lemonade Inc. (NYSE:LMND)higher in its first day of trading on Thursday, driving its price up by 130% to more than $69.

The online home insurance provider, which has received major funding from SoftBank, opened at $50.06 after pricing at $29. They closed the first day of trading at $69.41.

LMND jumped 120% after raising $319 million in its initial public offering in New York. SoftBank maintains an almost 22% stake in the company, which sold 11 million shares at $29 each on Wednesday after marketing them at $26 to $28 each.

Last year, SoftBank led a $300 million funding round in Lemonade, which has yet to turn a profit.

Latest comments

sweeten lemon deal
This is going to crash SO hard.
Wow this sounds really groundbreaking selling insurance online...Pump and Dump
Seriously? "Lemonade"? Folks are too hard up for any names left.. Just silly.
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