Yodlee, the US-based creator of a financial management platform, has raised $75m in its initial public offering, issuing 6.25 million shares priced at $12.00 each.
Founded in 1999, Yodlee has developed a cloud-based system that aggregates users’ accounts in a single place. It intends to use the proceeds from the offering to repay its outstanding credit line and to support expansion.
The company’s largest shareholder is private equity firm Warburg Pincus, which owns 28.9%, while additional investors include financial services firm Bank of America (9.9%), payment services provider ACI Worldwide (9.8%), Institutional Venture Partners (9.8%) and Accel Partners (7.2%).
Yodlee had raised $66.8m in venture funding prior to the IPO, according to SEC filings.
The underwriters, Goldman Sachs, Credit Suisse Securities, Merrill Lynch, Pierce, Fenner & Smith, UBS Securities and Pacific Crest Securities, have the option to buy an additional 938,000 shares, which would increase the size of the IPO to almost $86.3m.
The company’s stock initially peaked at $17.97 on its first day of trading on Friday before closing at $14.5. It is trading at $13.00 at time of publication.