Credit: Shutterstock photoFocus Financial Partners, which operates a national network of more than 50 independent wealth managers, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $600 million by offering 16.2 million shares at a price range of $35 to $39. At the midpoint of the proposed range, Focus Financial Partners would command a fully diluted market value of $2.3 billion.
Focus Financial Partners was founded in 2004 and booked $724 million in revenue for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol FOCS. Goldman Sachs, BofA Merrill Lynch, KKR, BMO Capital Markets, RBC Capital Markets and SunTrust Robinson Humphrey are the joint bookrunners on the deal. It is expected to price during the week of July 23, 2018.
The article Wealth manager Focus Financial Partners sets terms for $600 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
