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Investing.com — Thirsty investors sent Lemonade Inc. (NYSE:LMND)higher in its first day of trading on Thursday, driving its price up by 130% to more than $69.
The online home insurance provider, which has received major funding from SoftBank, opened at $50.06 after pricing at $29. They closed the first day of trading at $69.41.
LMND jumped 120% after raising $319 million in its initial public offering in New York. SoftBank maintains an almost 22% stake in the company, which sold 11 million shares at $29 each on Wednesday after marketing them at $26 to $28 each.
Last year, SoftBank led a $300 million funding round in Lemonade, which has yet to turn a profit.
