NerdWallet Inc., the California-based financial guidance provider, filed Friday for an initial public offering. The company has not yet determined the number of shares it will offer or the expected pricing for the IPO, but said it expects its stock to trade on the Nasdaq under the ticker symbol "NRDS." Chief Executive Tim Chen, who founded the company in 2009, will have Class A shares, which are entitled to one vote per share, and Class B shares, entitled to 10 votes per share, after the IPO is completed. Chief Executive Tim Chen, who founded the company in 2009, currently owns all of the 63.4 million Class B shares, giving him 92.6% of the total voting power. The largest holder of Class A shares is Innovius Capital Sirius I L.P. at 20.4%, giving it 1.5% of the voting power. Morgan Stanley, KeyBanc Capital Markets, BofA Securities, Barclays and Citigroup are the lead underwriters of the IPO. The company recorded a net loss of $26.8 million on revenue of $181.6 million for the six months ended 2021, after net income of $3.1 million on revenue of $137.3 million in the same period a year ago. The company had $41.1 million in cash and cash equivalents as of June 30. The company is looking to go public at a time relatively tepid investor interest in IPOs, as the Renaissance IPO ETF (IPO) has slipped 0.1% over the past three months while the S&P 500 has gained 1.7%.
(END) Dow Jones Newswires
10-08-21 1224ETCopyright (c) 2021 Dow Jones & Company, Inc.