NerdWallet, which provides a personal finance app that promotes financial products, announced terms for its IPO on Tuesday.
The San Francisco, CA-based company plans to raise $131 million by offering 7.3 million shares at a price range of $17 to $19. At the midpoint of the proposed range, NerdWallet would command a fully diluted market value of $1.3 billion.
NerdWallet provides a digital platform for individual consumers and SMBs that it believes democratizes access to trustworthy financial guidance. The company delivers guidance through educational content, tools and calculators, product marketplaces, and the NerdWallet app. Its platform delivers unique value across financial products including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing and student loans, and has grown to include the UK and Canada. NerdWallet had an average of 16 million Monthly Unique Users per month in 2020, and 20 million per month in the 9mo21.
NerdWallet was founded in 2009 and booked $337 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol NRDS. Morgan Stanley, KeyBanc Capital Markets, BofA Securities, Barclays, and Citi are the joint bookrunners on the deal. It is expected to price during the week of November 1, 2021.
