Startup Personal Lines Insurer Root Looking to Raise $604 Million in IPO

Startup Personal Lines Insurer Root Looking to Raise $604 Million in IPO

Automobile insurance startup Root Inc. said on Tuesday it plans to raise as much as $604.1 million in its initial public offering on the Nasdaq, the latest in a line of insurers looking to tap the current boom in U.S. capital markets

The firm, which provides insurance to customers through mobile applications, expects its initial offering of 24.2 million shares to be priced between $22 and $25 a share, and is looking at a top-end valuation of about $6.25 billion.

Sources had told Reuters earlier this year that Root was looking at a valuation of between $5 billion and $6 billion.

Goldman Sachs, Morgan Stanley, Barclays and Wells Fargo Securities are the lead underwriters for the offering.

With the COVID-19 pandemic pushing customers to buy financial products online, Root is among the several firms trying to tap the digital market.

Sponsored by Resource Pro Automobile insurance startup Root Inc. said on Tuesday it plans to raise as much as $604.1 million in its initial public offering on the Nasdaq, the latest in a line of insurers looking to tap the current boom in U.S. capital markets The firm, which […]

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Solana Beach Company Chosen For Inaugural Startup San Diego Incubator

Solana Beach Company Chosen For Inaugural Startup San Diego Incubator

Above: Marni Melrose demonstrating her app, EntireTask, in this undated still from EntireTask tutorial video. After 18 years of helping business owners implement productivity software, Solana Beach resident Marni Melrose saw there was a disconnect in how business owners think and how productivity software work. This revelation prompted her […]

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