Beware the Ides of March: Financial Engines could go public.
The provider of online retirement investment advice and of managed accounts is expected to enter the public marketplace the week of March 15, according to websites of the IPO research firms Renaissance Capital LLC and IPOScoop.com.
Underwriters have set a price range of $9 to $11 per share for the company.
Financial Engines plans to sell 5.87 million shares. Assuming a $10-per-share price, the company expects net proceeds of $52.2 million after transaction costs are subtracted, according to a March 8 filing with the Securities and Exchange Commission. The money will be used for “general corporate purposes,” the filing said.
The latest filing says existing shareholders have reduced by 300,000 shares their original stock-selling plan, which is now down to 4.73 million shares. None of those proceeds will go to the company, the SEC document says.
The largest shareholders are keeping their shares. They are affiliates of Foundation Capital Leadership Fund, which holds 17.4%, or 5.74 million shares; affiliates of Oak Hill Capital Partners, which owns 9.3%, or 3.06 million shares; and affiliates of New Enterprise Associates VII, which holds 14.3% of shares, or 4.75 million shares. New Enterprise originally sought to sell 300,000 shares, but the latest SEC filing says it is holding all shares.
E-mail and phone requests to public relations officials at Financial Engines for comment were not returned by press time.
