Wealthfront announces plans for IPO and Nasdaq listing

Core Viewpoint - Wealthfront is preparing for an initial public offering (IPO) aiming for a valuation of up to $2.05 billion and plans to raise $485 million by offering shares priced between $12 and $14 each [1][2]. Group 1: IPO Details - Wealthfront will issue 21,468,038 shares, while existing stockholders will offer 13,147,346 shares, with the company not receiving proceeds from the latter [2]. - The IPO is contingent upon the effectiveness of the registration statement filed with the SEC, and no sales will occur until it is effective [2]. - Underwriters have a 30-day option to purchase an additional 5,192,308 shares at the IPO price, minus underwriting discounts and commissions [3]. Group 2: Underwriters and Management - Goldman Sachs & Co and JP Morgan are the lead book-running managers for the IPO, with Citigroup, Wells Fargo Securities, and RBC Capital Markets as active book-running managers [3]. - Citizens Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, and KeyBanc Capital Markets are acting as co-managers for the offering [3]. Group 3: Company Background - Founded in 2008, Wealthfront is a technology-driven financial platform that provides investing, borrowing, cash management, and financial planning solutions [4]. - The company utilizes automation to deliver low-cost diversified portfolios and aims for rapid and convenient service delivery [4]. - In January 2022, UBS intended to acquire Wealthfront for up to $1.4 billion in cash, but the deal was mutually terminated later that year [4].