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(Bloomberg) -- Wealthfront Corp. and some of its shareholders are seeking to raise $485 million as the robo-advisory firm seeks to go public.
The Palo Alto, California-based company plans to market shares for $12 to $14 each, according to its filing on Tuesday with the US Securities and Exchange Commission. Wealthfront is offering 21.47 million shares, while some of its backers are offering 13.15 million shares.
At the top of that range, Wealthfront would have a market value of around $2.05 billion based on the outstanding shares listed in its filing. Funds run by BlackRock Inc. and Wellington Management may buy up to $150 million of IPO shares, according to the filing.
Wealthfront is best known for its automated investing products and an online platform that’s attracted younger customers. The fintech also offers other bank-like services, including high-yield savings accounts. It has $88.2 billion of platform assets as of July 31, the filing shows.
The company had net income of $60.7 million on revenue of $175.6 million for the six months ended July 31, compared with net income of $132.3 million on revenue of $145.9 million a year earlier, according to an earlier filing.
Net income in the six-month period to July 31 included a $13.3 million provision for income tax, versus a tax benefit of $54.1 million in the corresponding period in 2024, the filing shows. Wealthfront’s adjusted earnings before interest, taxes, depreciation and amortization increased 16% year over year.
The listing follows a number of fintech firms, such as Klarna Group Plc and Chime Financial Inc., though both have sunk below their IPO prices. Auto finance platform Lendbuzz Inc. and insurance tech firm Ethos Technologies Inc. have also filed for potential listings.
UBS Group AG agreed in 2022 to acquire Wealthfront for $1.4 billion to broaden its high-net-worth customer base, but abandoned the deal later that year.
Read More: UBS Abandons $1.4 Billion Deal for Robo-Advisor Wealthfront
Wealthfront had previously filed confidentially for an IPO, according to an announcement in June. The company’s investors include Tiger Global, which has a 19.7% stake before the offering, DAG Ventures with 12.3% and Index Ventures with 11.5%, the filing shows.
The offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company plans for its shares to trade on the Nasdaq Stock Market under the symbol WLTH.
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