UPDATE 2-SoftBank-backed Lemonade takes 30% valuation cut, seeks to raise $286 mln in IPO

(Adds details on valuation)

June 25 (Reuters) - SoftBank Group Corp-backed insurance startup Lemonade Inc aims to raise up to $286 million in its U.S. initial public offering (IPO), at a $1.43 billion market capitalization, or 30% less than what the company was valued at last year.

The company intends to sell 11 million shares in the IPO and has set a target range of $23-$26 per share, according to a regulatory filing here.

Lemonade was valued at $2.1 billion last year after it raised $300 million in a funding round led by Japan’s SoftBank that also included insurer Allianz SE, Alphabet Inc’s venture capital arm GV and General Catalyst.

The listing comes amid a strong appetite for new stock offerings, especially those with an online-focused business against the backdrop of the pandemic.

Online used car seller Vroom Inc earlier this month raised $467.5 million in its IPO and its shares more than doubled in value on debut.

Lemonade is part of a growing number of young companies looking to shake up the insurance sector through a better use of technology.

The company, started in late-2016, says it has digitized the entire insurance process, replacing brokers and paperwork with algorithms and providing policies in as little as 90 seconds and claim payments in three minutes.

Lemonade intends to list its shares on the New York Stock Exchange under the symbol “LMND”. (Reporting by C Nivedita and Abhishek Manikandan and Joshua Franklin in New York; Editing by Vinay Dwivedi and Sriraj Kalluvila)