Motor insurtech Root files for IPO

US-based motor insurtech Root has filed for an initial public offering (IPO) of its common stock on the Nasdaq Stock Market.

The number of shares to be offered and the price range for the proposed offering have not yet been determined.

The insurtech's parent Root Insurance Company has publicly filed a registration statement on Form S-1 with the US Securities and Exchange Commission. It intends to list its common stock under the ticker symbol 'ROOT'.

Goldman Sachs & Co, Morgan Stanley, Barclays, and Wells Fargo Securities will act as lead bookrunners for the proposed offering, while Credit Suisse, Deutsche Bank Securities, Evercore ISI, and Truist Securities will act as additional book runners.

Cantor Fitzgerald & Co., JMP Securities, and Siebert Williams Shank will act as co-managers of the proposed offering.