But this still leaves Lemonade with a valuation lower than the $2bn investors valued the company at last year

Lemonade has been valued at $1.6bn ahead of its floatation on the New York Stock Exchange.

The insurtech revealed that it had sold 11 million shares priced at $29 each, taking it above the top of its expected price range, and follows the news that the company had increased its price range for the floatation amidst strong demand.

However, this still leaves Lemonade with a valuation lower than the $2bn investors valued the company at last year.

Lemonade has also granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its common stock at the initial public offering price.

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