LPL Investment Holdings in $517 Million IPO
November 23, 2010
Cleary Gottlieb represented the underwriters, led by Goldman, Sachs & Co., Morgan Stanley, BofA Merrill Lynch and J.P. Morgan, in the $517 million initial public offering by selling stockholders of approximately 17 million shares of LPL Investment Holdings common stock (including full exercise of the underwriters’ over-allotment option). The offering priced on November 17 at $30 per share, the high end of the price range, and closed on November 23.
LPL supports the largest independent broker-dealer network in the United States with over 12,000 independent financial advisors and financial advisors at financial institutions, providing investment advisory services, proprietary technology, independent research and clearing and compliance services. LPL is majority-owned by TPG Capital and Hellman & Friedman LLC, who did not participate in the offering and continue to own approximately 63% of the company.