Root Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company, announced the pricing of its IPO on Monday, Oct. 27. Shares of the company’s common stock began trading on the Nasdaq Global Market on Wednesday, Oct. 28. The offering is expected to close on Friday Oct. 30 and is subject to customary closing conditions.
Details of the Deal
The company offered 26,830,845 shares of its Class A common stock at $27.00 per share. Of the offered shares, 24,249,330 shares of Class A common stock are being offered by Root, while 2,581,515 shares of Class A common stock are being offered “by certain of Root’s existing stockholders.”
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 unde…