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