Adds IPO Background, Company Details
November 4 (Reuters) – NerdWallet Inc. SNDR.O shares rose nearly 31% on their public debut, valuing the company at around $1.5 billion, as the company joined a group of companies that went public to take advantage of high investor appetite for stocks. technology stocks.
Shares of San Francisco, Calif.-based NerdWallet opened at $23.5. It sold 7.25 million shares at $18 apiece, the midpoint of the price range announced earlier, raising $130.5 million.
NerdWallet, co-founded in 2009 by former hedge fund executive Tim Chen and former JP Morgan trader Jake Gibson, provides financial advice to users on credit cards, loans, mortgages and other financial products.
Chen was inspired to start a business that made day-to-day financial decisions easier, when he couldn’t find an answer on the internet to his sister’s question about the most suitable credit card for an expat living in Australia.
A slew of fintech companies debuted in the market this year, including buy-it-now-pay-later company Affirm Holdings Inc. AFRM.O, online brokerage Robinhood Markets Inc HOOD.O and Coinbase Global Inc cryptocurrency exchange platform COIN.O.
Morgan Stanley, BofA Securities, KeyBanc Capital Markets, Barclays and Citigroup are among the joint bookrunners of the NerdWallet offering.
(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)
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