PARENT OF INSURTECH ROOT LAUNCHES IPO

Root Inc, the parent of US personal lines insurtech Root Insurance, has launched an initial public offering of 24.16m Class A common shares that are expected to be priced in a range of $22 to $25 per share. Root will receive the proceeds of the sale of 22m shares, while an existing shareholder is selling the balance. Underwriters led by Goldman Sachs, Morgan Stanley, Barclays and Wells Fargo Securities have a 30-day option to purchase an additional 3.62m shares. Root’s shares are to be listed on the Nasdaq Stock Market under the symbol ROOT. In addition to the shares sold in the offering, Root announced that funds associated with Dragoneer Investment Group and Silver Lake have each agreed to purchase $250m of Class A shares through a private placement immediately after the close of the IPO.