CFGI’s Capital Markets team announced that it supported Lemonade Insurance (NYSE: LMND) with an initial public offering of 11,000,000 shares of common stock priced at $29.00 per share for gross proceeds of $319 million before deducting underwriting discounts, commissions and offering expenses.
The offering granted underwriters a 30-day option to purchase an additional 1,650,000 shares at the initial offering price, less underwriting discounts and commissions. The shares began trading July 2, 2020, and the offering closed on July 7, 2020. For more information on the offering, please read Lemonade’s press release.
Through its full-stack insurance carriers, Lemonade offers homeowners and renters insurance in the United States, and contents and liability insurance in Germany and the Netherlands. Powered by artificial intelligence and behavioral economics, Lemonade set out to replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives excess premiums to nonprofits selected by its community during its annual Giveback. Lemonade is currently available for most of the United States, Germany and the Netherlands, and continues to expand globally.
The CFGI team was led by April Coleman (Capital Markets) and Chris Brandes (Capital Markets).