Lemonade doubles value in trading debut

Investor appetite for initial public offerings continues to be strong as Lemonade capped its first day of trading firmly in the green.
Lemonade's stock surged 139% in its trading debut on the NYSE, closing Thursday at $69.41, giving the company a market value of $3.8 billion⁠—more than double its $1.59 billion IPO value. The New York-based online insurance provider's shares debuted at $50.06 apiece—an initial jump of around 72%. Its IPO priced at $29 per share, above the marketed $26 to $28 range.