Shares in insurance start-up Lemonade have more than doubled since the group began trading yesterday (2 July).
Lemonade, a tech-driven insurance group backed by Softbank, is now valued at more than $3bn (£2.4bn) after stocks soared by 138% on Thursday morning.
According to The Financial Times (FT), shares were priced at $29 (£23) each in the IPO, however by midday yesterday had more than doubled to $60 (£48).
Chief executive Daniel Schreiber told the FT: “We’ve got many years ahead of us . . . I’m not going to pay any attention to short-term fluctuations — even exciting ones like this morning.”
Schreiber noted that the company had chosen to float at an earlier stage, and added: “Seeing the companies that have IPO’d in the last few years after they’d done all their growth in the private market . . . I’m not sure that did any great long-term favours for those enterprises.”
Lemonade was started in 2015 by Schreiber and Shai Wininger, president and chief operating officer, and later launched in 2016.