Online advisory firm, Financial Engines, Inc. has priced its initial public offering of 10,600,000 shares of common stock at $12 per share.
Online advisory firm, Financial Engines, Inc. (“Financial Engines”) has priced its initial public offering of 10,600,000 shares of common stock at $12 per share. The company is selling 5,868,100 shares of common stock, while other stockholders are selling 4,731,900 shares. Financial Engines common stock will be listed on NASDAQ under the symbol “FNGN.” Goldman, Sachs & Co., along with UBS Investment Bank, Piper Jaffray & Co. and Cowen and Company, LLC are the underwriters. The underwriters have been granted an option to purchase 1,590,000 additional shares.
Financial Engines provides an online platform targeted towards small investors with low asset balances. The company’s portfolio analysis program, designed by Financial Engines’ co-founder and Nobel laureate William F. Sharpe, generates specific recommends to buy or sell funds or employer stock within 401(k) plans by analyzing asset mix, fund expense, manager performance, risk, and tax efficiency.
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