Envestnet, which provides outsourced web-based investment solutions to financial advisors, raised $63 million by offering 7 million shares at $9, the low end of the revised $9-$10 range and 31% below the midpoint of the original $12-$14 range. Although the total shares offered were 9% fewer than originally planned, this reduction came from insiders and the company in fact sold 4.7 million primary shares, 22% more than originally planned. Envestnet plans to list on the NYSE under the symbol ENV on Thursday. Morgan Stanley, UBS Investment Bank, and Barclays Capital acted as lead managers on the deal.
