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

October 28, 2020

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.