Lemonade prices IPO at $29 a share, higher than raised range

Lemonade Inc. (LMND), a mobile-based insurance start-up that seeks to court millennials, priced its initial public offering above the expected range Wednesday. 

After the close Wednesday, Lemonade priced 11 million shares at $29 apiece, above the already increased range of $26 to $28 from earlier in the day.

Underwriters have another 1.7 million shares to cover overallotments over the next 30 days. The stock is expected to begin trading under the ticker "LMND" on the New York Stock Exchange on Thursday.

The IPO price values the company at $1.64 billion should all options be exercised, just shy of the $1.7 billion valuation calculated from a $300 million investment led by SoftBank Group Corp. 9984, 2.29% in April 2019.