Finacial Engines Surges On Debut

(RTTNews) - Financial Engines, Inc., which was co-founded in 1996 by Nobel Prize winner William Sharpe, began trading today on the Nasdaq Global Market under the symbol "FNGN". Currently, the shares are up about 32% at sub-$16 levels compared to its offer price of $12, with volume at 4.57 million shares.

Financial Engines becomes the first U.S. company to price its IPO above its estimated range in 2010. The company had expected the offering to be priced between $9 and $11 per share.

Palo Alto, California-based Financial Engines is a provider of portfolio-management services to individuals with employer-sponsored retirement plans

Incidentally, the company has downsized the offering to 10.6 million shares, from its earlier planned 10.9 million shares. The selling shareholders are currently offering 4.73 million shares, down from the earlier planned 5.03 million shares, whereas the company is sticking to its plan of selling 5.86 million shares.

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by RTT Staff Writer

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