Business
Wealthfront Edges Higher in Muted Stock-Market Debut
Wealthfront’s stock opened at its IPO price on Friday, a muted debut for the robo adviser.
The company and its selling shareholders raised more than $480 million by selling shares at $14, the high end of its projected range in an IPO that priced late Thursday. The stock opened on the Nasdaq stock market under the ticker WLTH at $14 on Friday afternoon. It ended the day at $14.19, up 1.4%.
Wealthfront initially planned an October offering, but the lengthy U.S. government shutdown delayed the plans, according to CEO David Fortunato. He said the company and its advisers circled back with prospective investors ahead of the Thanksgiving holiday and decided to launch the IPO in December.
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