Root (ROOT) IPO Opens 4% Lower

Today's IPO for Root, Inc. (NASDAQ: ROOT) opened for trading at $26 after pricing 26,830,845 shares of its Class A common stock at a price to the public of $27 per share.

The underwriters have a 30-day option to buy an additional 4,024,626 shares of Class A common stock from Root at the initial public offering price, less underwriting discounts and commissions

Goldman Sachs & Co. LLC, Morgan Stanley, Barclays, and Wells Fargo Securities are acting as lead bookrunners for the proposed offering. Deutsche Bank Securities, Truist Securities, Citigroup, Credit Suisse, Evercore ISI, and UBS Investment Bank are acting as additional bookrunners, and Cantor Fitzgerald & Co., JMP Securities, Siebert Williams Shank and Huntington Capital Markets are acting as co-managers of the proposed offering.

Root, Inc. is the parent company of Root Insurance Company. Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience. Root’s modern, mobile-first customer experience is designed to make insurance simple.

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