Tech-based auto insurer Root files to go public

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Root Inc. , the Ohio-based auto insurer which uses mobile apps to tailor policies to the individual, has filed to go public. The company hasn’t determined the number of shares it will offer in the initial public offering, or the expected pricing of the IPO. Last month, Reuters reported that an IPO could value the company at around $6 billion. The company said in a filing late Monday that its Class A shares are expected to list on the Nasdaq under the ticker symbol “ROOT.” Goldman Sachs and Morgan Stanley are the lead underwriters. For the six months ended June 30, the company recorded a net loss of $144.5 million on total revenue of $245.4 million, after a loss of $97.0 million on revenue of $104.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 27.5% over the past three months while the S&P 500 has gained 7.2%.
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