Insurer Lemonade raises price range for planned IPO

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Insurer Lemonade LMND, raised the price range for its initial public offering on Wednesday, to $26 to $28 a pop from an earlier range of $23 to $26 each. The company is planning to sell 11 million shares, to raise would raise $308 million at the top of the range. The company has applied to list on the New York Stock Exchange, under the ticker symbol “LMND.” There are eight banks underwriting the deal, led by Goldman Sachs. Proceeds of the deal will be used for general corporate purposes. “Lemonade is rebuilding insurance from the ground up on a digital substrate and an innovative business model,” the company says in its prospectus.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.