SoftBank Group Corp.-backed insurance startup Lemonade Inc on Wednesday increased the target range for its U.S. initial public offering, looking to raise up to $308 million at a market capitalization of $1.54 billion.
The company intends to sell 11 million shares in the IPO at a target range of $26 to $28 per share, according to a filing. (Editor’s note: The filing with the Securities and Exchange Commission is available here).
It had earlier expected the offering to be priced between $23 and $26 per share.
The insurance startup was valued at $2.1 billion last year after it raised $300 million in a funding round led by Japan’s SoftBank, and included insurer Allianz SE, Alphabet Inc’s and venture capital arm GV.
Lemonade, started in late 2016, said it has digitized the entire insurance process, replacing brokers and paperwork with algorithms and providing policies in as little as 90 seconds and claim payments in three minutes.
The company is expected to price its offering later in the day and list its shares on the New York Stock Exchange under the symbol “LMND” on Thursday.
(Reporting by Abhishek Manikandan in Bengaluru; editing by Arun Koyyur)
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