Envestnet, which provides outsourced web-based investment solutions to financial advisors, lowered the proposed proposed price range for its upcoming IPO on Wednesday. The company now plans to sell its 7.7 million shares at $9-$10, a 27% discount to the midpoint of the original $12-$14 range. Envestnet, which was founded in 1999 and booked $78 million in sales last year, 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. It is expected to price this week.
