Two IPOs are on the schedule for Thursday night: Lemonade Inc (LMND) & Accolade Inc (ACCD).
Lemonade (LMND) describes itself as rebuilding insurance from the ground up on a digital substrate and an innovative business model. The underwriters, led by Goldman Sachs, Morgan Stanley, Allen & Co., Barclays, elected to increase the range from $23-$26 to $26-$28 on Wednesday morning. On Wednesday night they one-upped that with a $29 pricing on 11.0mm shares (a full-size deal). Softbank, often remembered from their disastrous WeWork bet, had previously funded Lemonade with a valuation equivalent to $42.23/share.
Accolade Inc (ACCD) provides personalized, technology-enabled solutions that help people better understand, navigate, and utilize the healthcare system and their workplace benefits. The company priced an upsized transaction, 10.0mm shares, at $22.00 or $1.00 above the prevailing $19-$21 range.
With the above range outcomes of both Lemonade and Accolade, as well ad Dun & Bradstreet on Tuesday night, it marks 17 of the last 27 IPOs to come to market as having priced above their range on their original prospectus.
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What’s in the immediate pipeline?
July/August 2020 “Potential” IPOs: Atotech Limited, Cole Haan, ProCore Technologies, GoHealth, Inventive S.A., Trean Insurance Group, Nkarta Inc, nCino, Inc., Relay Therapeutics, Renalytix AI plc, iTeos Therapeutics, Pandion Therapeutics, Berkeley Lights, ACell Inc., ALX Oncology Holdings, Quhuo Limited
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