Robo-Adviser Wealthfront Files for IPO Showing Profit Decline

Core Insights - Wealthfront Corp., a robo-advisory firm, has filed for an IPO as part of a trend among fintech companies seeking public listings [1][2] - The company reported a net income of $60.7 million on revenue of $175.6 million for the first half of the year, a decrease from a net income of $132.3 million on revenue of $145.9 million in the same period last year [1] - Wealthfront manages $88.2 billion in platform assets as of July 31 [3] Company Overview - Wealthfront is recognized for its automated investing products and online platform, which appeals to younger customers [3] - The company also provides bank-like services, including high-yield savings accounts [3] - UBS Group AG had previously agreed to acquire Wealthfront for $1.4 billion in 2022 but later abandoned the deal [3] Investor and Offering Details - Major investors in Wealthfront include Tiger Global (19.7% stake), DAG Ventures (12.3%), and Index Ventures (11.5%) [4] - The IPO is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., with plans for shares to trade on the Nasdaq under the symbol WLTH [4]