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Oct. 6, 2020, 7:00 a.m. EDT

Tech-based auto insurer Root files to go public

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By Tomi Kilgore

Root Inc. /zigman2/quotes/222112775/composite ROOT -3.84% , the Ohio-based auto insurer which uses mobile apps to tailor policies to the individual, has filed to go public. The company hasn't determined the number of shares it will offer in the initial public offering, or the expected pricing of the IPO. Last month, Reuters reported that an IPO could value the company at around $6 billion. The company said in a filing late Monday that its Class A shares are expected to list on the Nasdaq under the ticker symbol "ROOT." Goldman Sachs and Morgan Stanley are the lead underwriters. For the six months ended June 30, the company recorded a net loss of $144.5 million on total revenue of $245.4 million, after a loss of $97.0 million on revenue of $104.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +0.94% has rallied 27.5% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.09% has gained 7.2%.

/zigman2/quotes/222112775/composite
US : U.S.: Nasdaq
$ 18.28
-0.73 -3.84%
Volume: 740,715
Jan. 20, 2021 10:34a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.74 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 69.80
+0.65 +0.94%
Volume: 191,132
Jan. 20, 2021 10:34a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,840.33
+41.42 +1.09%
Volume: 550.22M
Jan. 20, 2021 10:34a
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