TOPLINEShares of Lemonade, an online insurance company backed by SoftBank, have surged more than 100% since the company went public on Thursday, pricing its IPO at $29 per share. New York Stock ExchangeKEY FACTSThe stock, trading under the ticker LMND on the New York Stock Exchange, has skyrocketed 135% in its public market debut, more than doubling to over $65 per share. SoftBank’s recent investment struggles, including overvalued WeWork and Uber, are no secret, but for now, Lemonade seems to be bucking the trend. TangentAccording to Lemonade’s SEC filing, SoftBank will own a 21.8% in the company after the IPO on Thursday. It will launch pet insurance in the near future, while eventually hoping to add life insurance and auto insurance coverage for its customers.

Source: Forbes July 02, 2020 19:19 UTC