Financial Engines hoping to raise $160M in IPO

Portfolio manager and advisory firm Financial Engines wants to raise about $106 million in its initial public offering expected this week. Three out of four companies priced shares within expectations last week, potentially signaling the rough start for the IPO market this year has calmed.

{loadposition in-article}

More than 60 percent of companies have sold shares for less than they had hoped this year as a volatile stock market made investors wary, according to data from IPO research firm Renaissance Capital.

Financial Engines Inc., based in Palo Alto, Calif., was founded in 1996 by Stanford finance professor and economics Nobel winner William Sharpe. The company offers investment advice for employer-sponsored retirement plans.

Services provided by the company reached as many as 7.4 million plan participants at the end of last year, the first time it turned a profit.

Financial Engines made $5.7 million in 2009, reversing its loss of $3.6 million in 2008. [Read the full article]

Brazilian toll-road operator Ecorodovias Infraestrutura e Logistica ECOR3.SA and its shareholders may raise as much as 2.03 billion reais ($1.2 billion) in an initial public offering, seeking to benefit from renewed demand for local stocks to raise cash for investments.

Ecorodovias, controlled by Brazilian group CR Almeida and Italian builder Impregilo (IPGI.MI), would offer 92 million common shares in a primary offering at a price range of 9 reais to 12 reais.

CR Almeida, through holding company Primav Construcoes e Comercio and CR Almeida SA-Engenharia de Obras, would offer another 33.22 million shares of Ecorodovias.

The offering might increase by 43.83 million shares if underwriters exercised their option to sell additional stock to meet demand. [Read the full article]

— Portfolio manager and advisory firm Financial Engines wants to raise about $106 million in its initial public offering expected this week.

— Chinese advertising company Redgate Media Group will attempt to raise $43 million during an initial public offering this week. [Read the full article]

You may also like...