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Oct. 28, 2020, 8:23 a.m. EDT

Root prices upsized IPO above the expected range, to raise $654.7 million

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By Tomi Kilgore

Root Inc's stock /zigman2/quotes/222112775/composite ROOT +0.50% is set to begin trading Wednesday, after the Ohio-based auto insurer's upsized initial public offering priced at $27, above the the expected range of between $22 and $25 a share. The company sold 24.25 million shares in the IPO, up from expectations of 22.00 million disclosed on Tuesday, as the company raised $654.7 million. Selling shareholders sold 2.56 million shares in the IPO. With a total of 249.85 million Class A and Class B shares outstanding after the IPO, the pricing valued the company at about $6.75 billion. The stock is expected to trade on the Nasdaq exchange under the ticker symbol "ROOT." The company is going public at a time of relatively strong investor demand for IPOs, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -2.65% has run up 27.1% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.57% has gained 5.4%.

/zigman2/quotes/222112775/composite
US : U.S.: Nasdaq
$ 21.94
+0.11 +0.50%
Volume: 3.90M
Jan. 27, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.47 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 67.56
-1.84 -2.65%
Volume: 771,623
Jan. 27, 2021 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,750.77
-98.85 -2.57%
Volume: 3.80B
Jan. 27, 2021 4:53p
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