Envestnet Inc. (ENV), an independent provider of technology-enabled, Web-based investment solutions and services to financial advisors, announced that it has priced initial public offering of 7 million shares of common stock at $9 per share. The company said that its shares will begin trading on New York Stock Exchange under the ticker symbol "ENV" on July 29, 2010.
Of the shares being offered, 4.71 million common shares are being sold by Envestnet, and 2.29 million common shares are being sold by selling stockholders.
Envestnet and the selling stockholders have granted underwriters an option to buy additional 706 thousand shares from Envestnet and 344 thousand shares from selling stockholders.
Envestnet stated that it will not receive any proceeds from the sale of shares by the selling stockholders.
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