Root, Inc.

Root, Inc. (ROOT) priced its initial public offering on Oct 29, 2020 at $27.00 per share, above its $22.00–$25.00 range, raising $724.4M, and listed on Nasdaq Global Select. At the IPO price its market capitalization was about $6.73B. Goldman Sachs was lead-left underwriter, joined by Morgan Stanley, Barclays and Wells Fargo and others. Cooley advised the company and Goodwin Procter advised the underwriters.

Root, Inc. is a technology company offering personal insurance priced on individual behavior rather than broad risk pools, using technology and data science to measure risk by individual performance. Its business began with U.S. auto insurance.

Status

IPO

Ticker

ROOT

Exchange

Nasdaq Global Select

Priced

Oct 29, 2020

IPO price

$27.00

Price range

$22.00–$25.00

Raised

$724.4M

Market cap at IPO price

$6.73B

First filed

Oct 5, 2020

Underwriters

Goldman Sachs, Morgan Stanley, Barclays, Wells Fargo, Deutsche Bank, Truist, Citigroup, Credit Suisse, Evercore ISI, UBS, Cantor and Citizens JMP

Company counsel

Cooley

Underwriters' counsel

Goodwin Procter

Sector

Financials

Country / state

OH

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.