Lemonade, which provides online self-serve renters and homeowners insurance, announced terms for its IPO on Thursday.
The New York, NY-based company plans to raise $270 million by offering 11 million shares at a price range of $23 to $26. At the midpoint of the proposed range, Lemonade would command a fully diluted market value of $1.4 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 during the week of June 29, 2020.
