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July 29, 2010 at 08:00 PM
Ringing the bell to start the day of trading at the New York Stock Exchange on Thursday, July 29, Envestnet Inc. formally became a public company under the ticker ENV. On July 28, Envestnet, the Chicago-based investment and technology platform provider to advisors, priced its IPO of 7 million shares of common stock at $9.00 per share. Envestnet closed its first day of trading at $10.25 per share, up 13.9%.
In its original S-1 filing with the SEC in May 2010, the 10-year-old company said it hoped to sell $100 million of stock in its IPO.
In an interview after ringing the NYSE bell on the 29th, founder, chairman, and CEO Judson Bergman said the company’s primary focus moving forward was to continue to “organically grow” its advisor business, noting that over the past few years the firm had grown the number of advisors using its technology and investing platform by 12% (to 19,000 advisors, with Envestnet managing or administering $100 billion in assets), that those advisors had grown their own businesses at an 18% clip, and that the overall number of end-user accounts at Envestnet had grown 32%.
