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Root Ends Trading Debut Flat After IPO Raises $724 Million
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Auto insurance platform Root Inc. opened below it’s initial public offering price, then rose as much as 9.2% during the day before closing flat in its trading debut.
The Columbus, Ohio-based company and its shareholders raised $724 million in its IPO, pricing the shares above a marketed range at $27 each. The shares opened at $26 Wednesday and reached as high as $29.48 in the first minutes of trading. They closed the day at $27, giving the company a market value of $6.8 billion.