Wealthfront, a financial platform supporting digital natives to turn their savings into wealth, has filed for an US IPO with the SEC.
Wealthfront applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol WLTH. JP Morgan and Goldman Sachs & Co. LLC will act as lead book-running managers for the proposed offering, with Citigroup, Wells Fargo Securities, and RBC Capital Markets as active book-running managers, and Citizens Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, and KeyBanc Capital Markets as co-managers.
A registration statement on Form S-1 relating to the proposed IPO was filed by the SEC, but has not yet become effective. The securities may not be sold, and the offers to buy may not be accepted before the time the registration statement becomes effective. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The move is still subject to market conditions, and there can be no assurance as to whether or not the offering may be completed, or as to the size or other terms of the offering.
More information about the announcement
The company did not disclose the terms of the offering, but it was valued at USD 1.4 billion in 2022 when its planned acquisition by Swiss bank UBS was cancelled due to alleged shareholder pushback over the deal’s terms. Wealthfront's IPO plans fit into the recent trend emerging from sectors less affected by trade and supply chain volatility. The company currently offers automated tools, including cash accounts, ETF and bond investing, trading, and low-cost loans, creating investment portfolios and incorporating AI elements into its financial planning software.
IPO rush comes as friendly and favourable regulatory developments in the US offer greater clarity and investor interest. Other firms such as Revolut, BitGo, Circle and eToro went public recently, while companies like Figure Technology Solutions raise funds in their New York listings.
