When life gives you lemons, make a killing on Wall Street.
The insurance company Lemonade‘s stock is trading at more than $61 a share this afternoon, its first day on the New York Stock Exchange.
The New York-based business priced its initial public offering at $29 a share yesterday. With 11 million shares sold, it raised $319 million in its IPO.
Lemonade is part of the growing so-called insurtech industry, which took a page out of the naming guide that brought you “biotech” and “agtech.”
The property and casualty company explained in its June 8 U.S. Securities and Exchange Commission filing, “By leveraging technology, data, artificial intelligence, contemporary design, and behavioral economics, we believe we are making insurance more delightful, more affordable, more precise, and more socially impactful.”
Lemonade, which launched in 2016, appeals to younger people. About 70% of its customers are younger than 35.
The ticker symbol is LMND.