Automated digital wealth management firm Wealthfront plans to raise up to $485 million in its U.S. IPO, targeting a valuation of $2.05 billion. The company, based in Palo Alto, California, offers AI-based fintech services tailored to Millennial and Gen Z clients. BlackRock and Wellington Management are interested in buying up to $150 million of IPO shares. Wealthfront intends to list on Nasdaq under the symbol “WLTH,” with underwriters including Goldman Sachs, J.P. Morgan, and Citigroup. This move follows a trend of strong investor appetite for fintech listings, with companies like Klarna, Chime, and eToro seeing strong demand on their market debuts this year. The U.S. IPO market has rebounded after a slowdown, with rising Federal Reserve interest rate cut expectations boosting investor demand for fresh offerings. Wealthfront was valued at $1.4 billion in 2022, but a planned sale to UBS collapsed due to reported shareholder pushback.

Read more at Yahoo Finance: Fintech firm Wealthfront seeks up to $2.05 billion valuation in US IPO