(Reuters) - Shares of SoftBank-backed insurance startup Lemonade Inc (N:LMND) surged 73% in their market debut, capitalizing on the rebound in U.S. investor demand for new listings following the coronavirus outbreak.
The company's shares opened at $50.06 on the New York Stock Exchange, compared to their initial public offering (IPO) price of $29. The opening price values the company at $2.75 billion.