(Reuters) - Shares of Root Inc ROOT.O closed flat in their Nasdaq debut on Wednesday, marking a muted open for the automobile insurance startup after it raised around $724 million in its initial public offering (IPO). The stock closed at $27, valuing Root at around $6.5 billion and unchanged from its IPO price. The company’s shares had opened at $26 apiece. Root’s market debut comes against the backdrop of the S&P 500 and the Dow hitting their lowest levels since late-September, as coronavirus cases surged globally and fears of a contested U.S. presidential election added to worries.The startup, which provides insurance to customers through mobile apps, is among several firms vying for a share in the online financial products market that has seen a boost due to the COVID-19 pandemic. “There will be some short-term noise from COVID - with less driving - but I think that will normalize,” Alexander Timm, chief executive officer and co-founder of Root, said in an interview with Reuters. Online insurance broker GoHealth GOCO.O and policy comparison website SelectQuote Inc SLQT.N had both marked strong market debuts earlier in the year.