Shares of Lemonade, an online insurance company, more than doubled in its Thursday market debut to reach a $3 billion market cap.
Shares closed $138.79% higher. The company's stock opened at $50.06 after pricing at $29 per share on Wednesday.
Lemonade, launched in 2016, offers insurance to renters and homeowners with the use of artificial intelligence and chatbots, allowing the company to speed up the process.
Customers are guided by a chatbot through the application process in under a minute, and claims get paid that quickly as well. It charges renters a monthly subscription rate of $5 and homeowners a monthly rate of $25.
Lemonade was named of of CNBC's Disruptor 50 companies in 2020, placing at No. 17.