Root Inc. /zigman2/quotes/222112775/composite ROOT +1.29% , a provider of car insurance, set terms for its initial public offering on Tuesday, with plans to offer 24.2 million shares priced at $22 to $25 each. The company is offering 22 million shares while a selling stockholder will offer an additional 2.16 million shares. The company will not receive any proceeds from the selling stockholder's shares. The company has applied to list on Nasdaq, under the ticker "ROOT." There are 14 banks underwriting the deal, led by Goldman Sachs, Morgan Stanley, Barclays and Wells Fargo. "Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience," the company says in its prospectus.