Wealthfront, the Palo Alto-based robo-adviser known for its sleek automation and hands-off investment tools, officially launched plans Tuesday for an initial public offering that could raise up to $450 million—a major moment for one of fintech’s most recognizable disruptors.
The move follows the company’s confidential filing earlier this summer and signals a dramatic step from private startup to publicly traded heavyweight.
34.6 Million Shares on Deck for Nasdaq Debut
In its announcement, Wealthfront said it intends to offer 34.6 million shares at a price between $12 and $14, placing the midpoint valuation at roughly $450 million raised. About 21.5 million of those shares will come directly from the company, with another 13.1 million offered by existing shareholders eager to cash in on the firm’s long-awaited debut.
At the midpoint of the offering, Wealthfront’s market capitalization would reach approximately $2.4 billion, placing it firmly among Silicon Valley’s next generation of financial innovators.
Fenwick & West LLP is advising Wealthfront, while Latham & Watkins LLP is counsel to the underwriters.
