Lemonade Inc. shares soared in their New York Stock Exchange debut on Thursday.
The New York-based insurance startup backed by Japanese tech giant SoftBank opened for trading at $50.06 a share and reached as high as $67.45, up 133 percent from its $29 pricing the prior evening. Lemonade was expected to price the offering in the $26 to $28 range.
The initial public offering, which raised $329 million, valued Lemonade at $1.6 billion, less than the $2.1 billion valuation after the company’s most recent funding round.
Last year, Lemonade raised $300 million through a round led by SoftBank, which owns a 27.3 percent stake, and included German insurer Allianz SE and Alphabet’s venture capital business GV, according to Reuters.