Root IPO Draws Big Interest For High-Tech Auto Insurance Provider [Investor's Business Daily]
Morgan Stanley (MS)
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Source: Investors Business Daily
Related news The initial public offering of Root ( ROOT ), which is aiming to disrupt the auto insurance market, is drawing heightened interest from investors in a deal that looks to raise $578 million. The Root IPO prices late today and will trade tomorrow. Based in Columbus, Ohio, Root is offering 24.6 million shares at a price range of $22 to $25 per share. That gives it a market value of about $5.9 billion. The company says it is taking a different approach to the traditional way of determining auto insurance rates. For example, it uses a mobile app to measure risk based on individual performance. "The way we design and deliver insurance is not a simple tweak to the traditional insurance model," the Root IPO filing said . "We are fundamentally reinventing insurance through technology, data science and a maniacal focus on the customer." Root has been compared with Lemonade ( LMND ), an online provider of home and renters insurance that went public in early July. The Lemonade IPO ra
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