Root Inc. /zigman2/quotes/222112775/composite ROOT +0.50% picked a bad day for the stock market to go public, as shares of the Ohio-based auto insurer opened 3.7% below the initial public offering price of $27. The stock's first trade was at $26.00 at 12:05 p.m. Eastern for 2.9 million shares. The opening looked promising late Tuesday, as the IPO was upsized, and priced above the expected range of between $22 and $25 a share. The company raised $654.7 million in the IPO, and selling shareholders sold $69.7 million worth of their holdings. Root's stock has since rallied since the open, to trade 3.2% above the IPO price. The company went public on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -2.65% dropped 3.1% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -2.05% shed 682 points, or 2.5%.