Lemonade Inc. shares more than doubled soon after their debut Thursday as the mobile-based insurance start-up launched its initial public offering. Late Wednesday, Lemonade priced its IPO at $29 a share, above an already elevated range, and on Thursday shares skyrocketed as much as 120% to an intraday high of $63.87 as trading on the New York Stock Exchange began. The company is offering 11 million shares, with underwriters getting the option for another 1.7 million to cover overallotments. The rally sent Lemonade's valuation to $3.39 billion. That places Lemonade well above the $1.7 billion valuation resulting from a $300 million investment round led by SoftBank Group Corp. in April 2019.
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