Lemonade intends to raise up to $286 million in NYSE IPO

The SoftBank-backed company announced it will offer 11 million shares at an estimated $23-$26 per share

 

Online insurance company Lemonade Inc. announced Thursday it intends to raise up to $286 million in its upcoming initial public offering on the New York Stock Exchange. The company said it will offer 11 million shares at an estimated $23-$26 per share.

 

In a prospectus it filed with the exchange earlier this month, Lemonade reported $108 million in losses for 2019, twice the losses it incurred the year before. The company, however, tripled its earnings from $21 million in 2018 to around $63 million last year.

Lemonade co-founders Shai Wininger (left) and Daniel Schreiber. Photo: Ben Kelmerצילום: BEN KELMER

In April 2019, Lemonade raised $300 million in a round led by SoftBank Group, bringing its total funding raised to $480 million. Its other backers include Aleph Venture Capital and Sequoia Capital.

 

Founded in 2015 by Shai Wininger and Daniel Schreiber, Lemonade offers customizable property and casualty insurance policies at a flat monthly rate in 27 U.S. states. Lemonade employs 170 people, 60 of them in its Israeli offices.