Root Insurance (ROOT) began trading on the Nasdaq on Wed 28 Oct 20

Auto insurance startup Root Insurance (ROOT) began trading on the Nasdaq Global Select Market on Oct. 28, raising $724.4 million at $27 per share. The Columbus, Ohio-based company sold 2 million more shares than projected in its initial public offering (IPO), making it the largest IPO in Ohio history.

• Root Insurance’s IPO is much larger than other insurtech company IPOs this year, including SelectQuote and Lemonade.
• Root Insurance uses an unusual pricing model that relies more on tracking applicants' driving habits than other auto insurers do.

 

Root priced 26,830,845 share IPO at $27.00 per share, above the expected range of $22-25.