Financial planners, watch your backs. Financial Engines, a retirement plan advisor co-founded by a Nobel Prize winner, completed an initial public offering Monday that blew the doors off the IPO market and affirmed investor belief in a business model that offers low-cost sophisticated retirement advice to individual investors.
Financial Engines raised $127.2 million in its debut. Shares were originally offered at $9 to $11 per share, but priced at $12. After the deal hit the secondary market, when institutional shareholders sold their stock to the public, prices went up to $17.