Envestnet, a independent provider of web-based front- and back-office solutions to financial advisors, announced terms for its IPO on Wednesday. The Chicago, IL-based company plans to raise $100 million by offering 7.7 million shares at a price range of $12-$14. At the mid-point of the proposed range, Envestnet will command a market value of $412 million. Envestnet, which was founded in 2004 and booked $78 million in sales in 2009, plans to list on the NYSE under the symbol ENV. Morgan Stanley, UBS Investment Bank and Barclays Capital are the lead underwriters on the deal, which is expected to price during the week of July 26.
