Wealthfront announces plans for IPO and Nasdaq listing

Wealthfront is acceptable to motorboat the archetypal nationalist offering (IPO) of its communal banal and database its shares connected the Nasdaq Global Select Market nether the WLTH ticker symbol.

The integer wealthiness absorption steadfast filed a registration connection with the US Securities and Exchange Commission (SEC) connected Form S-1 for the nationalist offering.

Wealthfront targets a valuation of up to $2.05bn, and aims to rise $485m by offering 34,615,384 shares priced betwixt $12 and $14 per share, reported Reuters.

Among the full shares being offered, 21,468,038 volition beryllium issued by Wealthfront, portion 13,147,346 volition beryllium offered by existing stockholders.

The institution volition not person immoderate proceeds from the shares merchantability by stockholders.

This offering is taxable to the effectiveness of the registration connection filed with the SEC, and nary income oregon offers volition beryllium accepted until it becomes effective.

Additionally, Wealthfront is offering underwriters a 30-day enactment to bargain an other 5,192,308 shares astatine the IPO price, little underwriting discounts and commissions.

Goldman Sachs & Co and JP Morgan are serving arsenic pb book-running managers, portion Citigroup, Wells Fargo Securities, and RBC Capital Markets are the progressive book-running managers for the projected IPO.

Also, Citizens Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, and KeyBanc Capital Markets are acting arsenic co-managers.

Founded successful 2008, Wealthfront is simply a tech-driven fiscal level that offers investing, borrowing, currency absorption and fiscal readying solutions.

The institution leverages automation to connection low-cost diversified portfolios, and its level is said to alteration rapid, convenient transportation of solutions.

In January 2022, Swiss backstage banking elephantine UBS signed a woody to get Wealthfront for up to $1.4bn successful cash, which was mutually terminated aboriginal that year.

"Wealthfront announces plans for IPO and Nasdaq listing " was primitively created and published by Private Banker International, a GlobalData owned brand.

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