Insurance start-up Lemonade shares double after IPO

Shares in Lemonade, the SoftBank-backed home insurance start-up, more than doubled on their first morning of trading, valuing the company at more than $3bn. The shares were priced at $29 each in the IPO, but by lunchtime in New York had reached more than $60. That places the market capitalisation well beyond the $2bn in reached in a private financing last year.