Automobile insurance startup Root Inc sold shares in its initial public offering (IPO) on Tuesday at $27 apiece, above its target range, to raise $724.4 million, the company said.
Root, which has $200 million in debt, sold 26.8 million shares in its IPO. The company had set an initial target price range of $22-$25 per share for a sale of around 24.6 million shares.
In 2019, Root earned $290.2 million in revenue with a net loss of $282.4 million. In the first six months of 2020, the company’s revenue was $245.4 million with a net loss of $144.5 million.
Shares in Root are due to begin trading on the Nasdaq on Wednesday under the symbol “ROOT.”
Goldman Sachs, Morgan Stanley, Barclays and Wells Fargo Securities are the lead underwriters for the offering.
Source: Reuters
AXA XL Appoints Jeanmarie Giordano as Global Chief Underwriting Officer
AXA XL has appointed Jeanmarie Giordano as Global Chief Underwriting Officer, reinforcing its leadership team as the insurer continues to focus on disciplined underwriting, portfolio resilience and sustainable growth across its global business.
Alan Raises €480 Million at €5.5 Billion Valuation to Accelerate AI and International Expansion
French digital health insurer and healthcare platform Alan has raised €480 million ($550 million) in a Series G funding round, valuing the company at €5.5 billion ($6.3 billion).
Federato Expands Into Asia-Pacific and Japan With AI-Native Insurance Platform
AI insurance platform Federato has expanded into Asia-Pacific and Japan, launching regional operations with a new Sydney office and appointing former Guidewire executive Roland Slee as Regional Vice President for Asia Pacific and Japan (APJ).
