Mobile-based auto insurer Root prices further upsized IPO above the range at $27

Root, which provides auto insurance using mobile-based telematics technology, raised $724 million by offering 26.8 million shares (10% insider) at $27, above the range of $22 to $25. The company originally planned to offer 24.2 million shares (9% insider), before adding 0.4 million shares of insider selling on Monday. All additional shares shares on the IPO were primary. At pricing, Root commands a fully diluted market cap of $7.1 billion.
Root plans to list on the Nasdaq under the symbol ROOT. Goldman Sachs, Morgan Stanley, Barclays, Wells Fargo Securities, Deutsche Bank, Truist Securities, Citi, Credit Suisse, Evercore ISI and UBS Investment Bank acted as joint bookrunners on the deal.

The article Mobile-based auto insurer Root prices further upsized IPO above the range at $27 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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