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.”
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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.
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By GlobalData
