Root Inc. (ROOT) Prices 26.83M Class A Share IPO at $27/Sh

Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company, today announced the pricing of its initial public offering of 26,830,845 shares of its Class A common stock at a price to the public of $27.00 per share. Of the offered shares, 24,249,330 shares of Class A common stock are being offered by Root and 2,581,515 shares of Class A common stock are being offered by certain of Root’s existing stockholders. The underwriters have a 30-day option to buy an additional 4,024,626 shares of Class A common stock from Root at the initial public offering price, less underwriting discounts and commissions. Root will not receive any proceeds from the sale of the shares by the selling shareholders.

Root’s common stock is expected to begin trading on the Nasdaq Global Select Market on October 28, 2020, under the ticker symbol ROOT. The offering is expected to close on October 30, 2020 subject to customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley, Barclays, and Wells Fargo Securities are acting as lead bookrunners for the proposed offering. Deutsche Bank Securities, Truist Securities, Citigroup, Credit Suisse, Evercore ISI, and UBS Investment Bank are acting as additional bookrunners, and Cantor Fitzgerald & Co., JMP Securities, Siebert Williams Shank and Huntington Capital Markets are acting as co-managers of the proposed offering.

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