RIA aggregator Focus Financial Partners has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) to raise up to $100m.
The company will trade its shares on the Nasdaq stock exchange under the symbol “FOCS.”
Focus currently has more than 50 partner firms and is led by Rudy Adolf as CEO. Last year, an investor group led by Stone Point Capital and KKR purchased a majority stake in Focus. The deal valued Focus at around $2bn.
“We recognise that being a public company comes with responsibility that goes beyond just the legal standards. We intend to manage Focus with a high level of transparency and continue to invest carefully and manage the business with a long-term perspective motivated by business fundamentals,” Adolph stated.
The filing for the IPO comes after the firm posted a net loss of $12.1m on revenue of $196.2m for the first quarter of 2018. The company’s adjusted EBITDA during the quarter was $44.2m.