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SoftBank-backed Lemonade soars 73% in U.S. market debut

Kitco News

(Reuters) - Shares of SoftBank-backed insurance startup Lemonade Inc LMND.N surged 73% in their market debut, capitalizing on the rebound in U.S. investor demand for new listings following the coronavirus outbreak.

The company’s shares opened at $50.06 on the New York Stock Exchange, compared to their initial public offering (IPO) price of $29. The opening price values the company at $2.75 billion.

(This story refiles to corrects typo in headline)

Reporting by Bharath Manjesh in Bengaluru; Editing by Ramakrishnan M.

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