LEMONADE UNVEILS SECONDARY SHARE OFFERING

Insurtech Lemonade has revealed it is starting an immediate secondary share offering. The company sent a S-1 filing of intent to the US Securities and Exchange Commission on January 11. In the filing Lemonade said it is offering three million shares of its common stock. In addition, Lemonade said “selling stockholders”, which hold stock from earlier share purchases, are offering a further 1.5 million shares of its common stock. The company underlined it will not receive any of the proceeds from the latter sale of shares by the selling stockholders in the offering. In the prospectus for the secondary offering, Lemonade said it estimates the net proceeds to it from the sale of shares of common stock will be close to $466.1m, after deducting underwriting discounts and commissions and estimated offering expenses. Lemonade announced its first listing in June 2020, with an initial public offering (IPO) that was worth around $1.4bn.