Lemonade raised $319 million in its preliminary general public featuring on Wednesday.

The on the net coverage business bought 11 million shares priced at $29 every. Underwriters for the IPO will have an solution to invest in an extra one.sixty five million shares in a 30-working day window.

Goldman Sachs Group, Morgan Stanley, and Allen & Business are the taking care of bookrunners for the featuring.

Lemonade priced the shares over its indicated range of $26 to $28.

The IPO values the New York-based business at $one.6 billion, significantly lower than the $two.one billion pre-funds valuation it obtained as portion of a $three hundred million funding round led by SoftBank Group past yr.

Lemonade, launched in 2015, primarily targets to start with-time coverage consumers who are more relaxed with an totally digitized method.

The company’s shares will start out investing at the New York Inventory Trade on Thursday less than the ticker “LMND.”

This tale originally appeared on Benzinga.

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