Lemonade Inc., an online home insurance provider backed by SoftBank Group Corp., has filed for a U.S. initial public offering.
The New York-based company in a filing Monday listed the size of the offering as $100 million, typically a placeholder that will change. Lemonade, declaring “we love insurance” in its filing, said its goal is to harness technology and social impact to be “the world’s most loved insurance company.”
Lemonade is the latest in SoftBank’s portolio companies to join the market after the failure of WeWork’s IPO attempt last year. Its filing comes at a time when a rebound in IPOs is seen as the markets recover from the fallout of the pandemic. More than $7 billion was raised by companies in the last week.
Bloomberg News previously reported that SoftBank led a $300 million funding round in Lemonade last year, valuing the company at $2.1 billion at the time.
Lemonade reported $26 million in revenue for the three months ending March 31, compared with $11 million for the same period last year, according to its filings with the U.S. Securities and Exchange Commission. It said its net loss widened to $36.5 million during the quarter, from $21.6 million last year.
The company allows customers to buy insurance policies on a mobile app after answering questions. It also pledges to donate the leftover funds, after expenses, to a charity in order to discourage fraudulent claims.
Goldman Sachs Group Inc., Morgan Stanley, Allen & Co. and Barclays Plc are leading the offering. Lemonade plans to list on the New York Stock Exchange under the symbol LMND.
