Law360 (October 20, 2020, 4:48 PM EDT) -- Mobile app-based auto insurance company Root launched a $568 million initial public offering on Tuesday guided by Cooley LLP and underwriters' counsel Goodwin Procter LLP, in a float that comes alongside a $500 million private placement.
The auto insurance startup said in a filing with the U.S. Securities and Exchange Commission that it plans to offer 24.2 million shares — with the company selling 22 million shares and an existing stockholder selling 2.2 million — for between $22 and $25 apiece. At the midpoint, the IPO would raise $568 million.
Root Inc., the parent company of Root Insurance Co., said in...
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