Lemonade, which provides online self-serve renters and homeowners insurance, raised the proposed range for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $297 million by offering 11 million shares at a price range of $26 to $28. The company had previously filed to offer the same number of shares at a range of $23 to $26. At the midpoint of the revised range, Lemonade will raise 10% more in proceeds than previously anticipated to command a fully diluted market cap of $1.5 billion.
Lemonade was founded in 2015 and booked $83 million in revenue for the 12 months ended March 31, 2020. It plans to list on the NYSE under the symbol LMND. Goldman Sachs, Morgan Stanley, Allen & Company and Barclays are the joint bookrunners on the deal. It is expected to price on Wednesday, July 1, 2020.
