LPL Financial’s parent company filed a registration statement on Friday, June 4, in connection with the highly anticipated initial public offering of its common stock.
The company says the offering will consist of primary shares to be sold by the company and secondary shares to be sold by some of its existing minority stockholders.
It intends to use net proceeds from the proposed public offering for repaying debt.
A registration statement filed with the Securities and Exchange Commission (SEC) has not yet become effective.
Goldman Sachs and Morgan Stanley will serve as the senior underwriters.
In late 2005, 60% of the independent broker/dealer was sold to Hellman & Friedman of San Francisco and Texas Pacific Group of Fort Worth, a signal to many observers that the company’s next financial move would be to go public. At the time, LPL Financial’s advisor count was 6,800.
In 2007, it acquired three broker/dealers from Pacific Life.