Lemonade Inc. LMND raised $319 million in its initial public offering on Wednesday.
The online insurance company sold 11 million shares priced at $29 each. Underwriters for the IPO will have an option to purchase an additional 1.65 million shares in a 30-day window.
Goldman Sachs Group Inc. GS, Morgan Stanley MS, and Allen & Company LLC are the managing bookrunners for the offering.
Lemonade priced the shares above its indicated range of $26 to $28.
The IPO values the New York-based company at $1.6 billion, significantly lower than the $2.1 billion pre-money valuation it received as part of a $300 million funding round led by SoftBank Group Corp. SFTBY last year.
Lemonade, founded in 2015, mainly targets first-time insurance buyers who are more comfortable with an entirely-digitized process.
The company's shares will start trading at the New York Stock Exchange on Thursday under the ticker "LMND."
Image: Lemonade
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