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

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

Add to watchlist ROOT

Root Inc. Cl A

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

/zigman2/quotes/207665280/composite

Add to watchlist IPO

Renaissance IPO ETF

US : U.S.: NYSE Arca

$ 67.56

-1.84 -2.65%

Volume: 771,623

Jan. 27, 2021 8:00p

/zigman2/quotes/210599714/realtime

Add to watchlist SPX

S&P 500 Index

US : S&P US

3,750.77

-98.85 -2.57%

Volume: 3.80B

Jan. 27, 2021 4:53p