Wealthfront, an automated digital wealth management firm based in Palo Alto, California, announced today that it has launched the roadshow for its proposed initial public offering of its common stock.
The fintech company aims for a valuation of up to $2.05 billion in its U.S. initial public offering, marking it as the latest to explore the growing investor interest in fintech listings.
Wealthfront intends to raise up to $485 million by selling 34.6 million shares, including stock offered by existing shareholders, at a price range of $12 to $14 per share.
According to the company, “In addition, Wealthfront intends to grant the underwriters a 30-day option to purchase up to an additional 5,192,308 shares of its common stock at the initial public offering price, less underwriting discounts and commissions.”
The announcement follows the 2022 valuation of Wealthfront at $1.4 billion, before its planned acquisition by Swiss bank UBS was canceled due to shareholder pushback over the deal’s terms.
Wealthfront has submitted an application to list its common stock on the Nasdaq Global Select Market under the ticker symbol “WLTH.”
By CEO NA Editorial Staff
