Auto insurance start-up Root plans to raise up to $604.1 million in its initial public offering on the Nasdaq, according to a Reuters report.
The company, which provides insurance through mobile apps, expects its initial offering of 24.2 million shares to be priced between $22 and $25 per share. It is estimating a top-end valuation of about $6.25 billion, Reuters reported.
Goldman Sachs, Morgan Stanley, Barclays and Wells Fargo Securities are the leap underwriters for the IPO, according to the newswire.
