Lemonade (LMND) began trading on the NYSE on Thur 2 July 20

• Lemonade Inc. snagged 2020’s strongest initial public offering debut of a U.S. company as shares of the mobile-based insurance startup became the latest to more than double on their first day of trading. 

Lemonade (LMND) shares, which skyrocketed as much as 144% to hit an intraday high of $70.80, finished up 139% at $69.41 on Thursday, following an IPO pricing of $29 a share late Wednesday. That pricing was above an already increased IPO pricing to range of $26 to $28 a share, which topped a previous range of $23 to $26 apiece.

That’s the best debut for a U.S.-based company since shares of Inari Medical Inc. (NARI) closed at $42.51 on May 22, above its pricing of $19 for a 124% gain. American Depositary Receipts of Shanghai-based video-interaction company Agora Inc. did slightly better than Lemonade, jumping 152% on their first day to close at $50.50.


Most recently, shares of online used-car seller Vroom Inc. (VRM) closed at $47.90 on June 9 a day after pricing its IPO at $22, for a 117% gain, and ZoomInfo Technologies Inc. (ZI) shares closed at $34 on June 4, its first day of trading, after hitting an intraday high of $42 after pricing at $21.

Lemonade sold 11 million shares, with up to 1.7 million available to underwriters to cover overallotments. Taking into account those additional shares, Thursday’s close values the company at $3.93 billion.

Before the IPO, the company had already raised $480 million through several funding rounds, according to Crunchbase, with a $300 million round in April 2019 led by SoftBank Group Corp. 9984, +2.62% bestowing a “pre-money” valuation of $1.7 billion.