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Envestnet (NYSE:ENV), an independent provider of technology-enabled, Web-based investment solutions and services, priced its IPO on 28th June at $9 per share, low end of its revised range, generating first day return of 13.7% per share.

Business Overview (from prospectus)

We are a leading independent provider of technology-enabled, Web-based investment solutions and services to financial advisors. By integrating a wide range of investment solutions and services, our technology platform provides financial advisors with the flexibility to address their clients’ needs. We work with financial advisors who are independent, as well as those who are associated with small or mid-sized financial advisory firms and larger financial institutions, which we refer to as enterprise clients. We focus our technology development efforts and our sales and marketing approach on addressing financial advisors’ front-, middle- and back-office needs. We believe that our investment solutions and services allow financial advisors to be more efficient and effective in the activities critical to their businesses by facilitating client interactions, supporting and enhancing portfolio management and analysis, and enabling reliable account support and administration.

Offering: 7 million shares at $9 per share. Net proceeds from the offering of 3.8 million shares (remaing offered by selling stockholders) will be used for general purposes.

Lead Underwriters: Morgan Stanley (NYSE:MS), UBS Investment Bank (NYSE:UBS), Barclays Capital (NYSE:BCS)

Financial Highlights:

Total revenues increased 16% from $18.7 million in the three months ended March 31, 2009 to $21.6 million in the three months ended March 31, 2010...Cost of revenues increased 19% from $5.9 million in the three months ended March 31, 2009 to $7.0 million in the three months ended March 31, 2010...General and administration expenses increased 96% from $3.6 million in the three months ended March 31, 2009 to $7.1 million in the three months ended March 31, 2010...Net income declined from $0.8 million in the three months ended March 31, 2009 to loss of $2.5 million in the three months ended March 31, 2010...

Competitors

We generally compete on the basis of several factors, including the breadth and quality of investment solutions and services to which we provide access through our technology platform, the number of custodians that are connected through our technology platform, the price of our investment solutions and services, the ease of use of our technology platform and the nature and scope of investment solutions and services that each client believes are necessary to address their needs. Our competitors offer a variety of products and services that compete with one or more of the investment solutions and services provided through our technology platform, although, based on our industry experience, we believe that none offer the same comprehensive set of products and services that we do.

Our principal competitors include a number of leading asset custodians, such as Pershing (a subsidiary of BNY Mellon Corporation) and The Charles Schwab Corporation (NYSE:SCHW), have expanded beyond their custodial businesses to also offer advisor trading tools that compete with our financial advisor-directed solutions. Providers of turnkey asset management platforms, including SEI Investments Company (NASDAQ:SEIC), Genworth Financial Inc. (NYSE:GNW) and Lockwood Advisors (a subsidiary of BNY Mellon Corporation), typically provide financial advisors with one or more types of products and services but generally offer fewer choices in terms of custodians, asset managers, technology features and functionality.

Additional Resources:

Source: Envestnet Prices IPO at Low End of Range