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.