Financial Engines (FNGN) Has Strong IPO Debut

To say that Financial Engines (Nasdaq: FNGN) had a sucessful IPO launch would be an understatement. Shares of the 401(k) service provider traded up nearly 44% on its debut today, making it the most successful IPO so far this year.

After pricing 10,600,000 shares at $12 per share, which was above the expected $9-$11 per share range, Financial Engines ended its first session at a public company at $17.25 per share.

Underwriters for the deal included Goldman Sachs, UBS, Piper Jaffray and Cowen and Company.

Financial Engines is a provider of independent, technology-enabled portfolio management services, investment advice and retirement help to participants in employer-sponsored defined contribution retirement plans, such as 401(k) plans.

The market is now placing a value of about $680 million on the company, based on the 39,505,577 shares that will be outstanding after the offering.

The company earned pro-forma EPS of $0.16 for 2009, up from losses in 2008 and 2007.

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