Lemonade surged Thursday after the insurtech made its Wall Street debut.
Shares of the New York online home insurance provider finished its first day of trading up 138.8% to $69.25.
The company, which is backed by SoftBank Group, SFTBF sold 11 million shares at $29 each. That's above its estimated $26 to $28 price range, which in turn topped a previous estimate of $23 to $26.
Lemonade, which launched in 2016, started trading Thursday on the New York Stock Exchange under the ticker LMND.
"Lemonade is rebuilding insurance from the ground up on a digital substrate and an innovative business model," the company said in its prospectus.
Goldman Sachs, Morgan Stanley and Allen & Co. are managing book runners for the offering. Barclays is also a book runner.
Lemonade delivers insurance policies and handles claims through desktop and mobile apps using chatbots. The company gives underwriting profits to the nonprofits of the customers' choice in a program called Giveback.
SoftBank led a $300 million funding round in Lemonade last year and will own a 21.8% stake in the company upon the IPO, the filing shows.
Sequoia Capital Israel and General Catalyst are also among backers.
"We have not been profitable since our inception in 2015 and had an accumulated deficit of $198.3 million and $234.8 million as of Dec. 31, 2019, and March 31, 2020, respectively," the prospectus said.
"We incurred net losses of $52.9 million and $108.5 million in the years ended Dec. 31, 2018, and Dec. 31 2019, respectively, and a net loss of $36.5 million for the three months ended March 31, 2020."
The company's co-founders and some of its product-development staff, help-desk and online-sales-support operations are located in Israel. As of March 31, the company had 123 full-time employees in that country.
"Although we do not currently sell our insurance products in Israel, we are directly influenced by the political, economic and military conditions affecting Israel," the prospectus said.