Lemonade raised $319 million in its initial public offering on Wednesday.

The online insurance company sold 11 million shares priced at $29 each. Underwriters for the IPO will have an option to purchase an additional 1.65 million shares in a 30-day window.

Goldman Sachs Group, Morgan Stanley, and Allen & Company are the managing bookrunners for the offering.

Lemonade priced the shares above its indicated range of $26 to $28.

The IPO values the New York-based company at $1.6 billion, significantly lower than the $2.1 billion pre-money valuation it received as part of a $300 million funding round led by SoftBank Group last year.

Lemonade, founded in 2015, mainly targets first-time insurance buyers who are more comfortable with an entirely digitized process.

The company’s shares will start trading at the New York Stock Exchange on Thursday under the ticker “LMND.”

This story originally appeared on Benzinga.

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