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Rating:LPL Debuts With a $3.2B Market Cap Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 18, 2010

LPL Debuts With a $3.2B Market Cap

News summary by MFWire's editors


LPL's top execs, clockwise from bottom right: chairman and CEO Mark Casady, president and COO Esther Stearns, chief financial officer Robert Moore and president of national sales and marketing Bill Dwyer.
Photo taken from LPL's 2009 annual report
LPL Financial's IPO is finally here. Yesterday the Boston and San Diego-based independent broker-dealer firmed up its IPO pricing at $30 per share for nearly 15.7 million shares, and the swarm of underwriters (Bank of America Merrill Lynch, Citi, Goldman Sachs, JPMorgan, Keefe Bruyettte & Woods, Lazard, Macquarie Capital, Morgan Stanley,Sandler O'Neill & Partners, Sanford Bernstein, UBS and William Blair & Company) can buy almost 1.57 million more shares, if they choose. LPL expects to IPO today on the Nasdaq under the ticker LPLA.

That $30 pricing (at the upper end of LPL's estimate range earlier this month: see The MFWire, 11/4/2010) values LPL's IPO at almost $470 million without the underwriters' option and almost $517 million with that option. And Dow Jones' Kathy Shwiff reports that LPL will have 107 million shares outstanding after the IPO, putting its total IPO market cap at $3.21 billion.

LPL chairman and CEO Mark Casady was scheduled to ring the Nasdaq opening bell this morning in honor of the IPO.


Company Press Release

ADVISORY, Nov 18, 2010 -- What: LPL Investment Holdings [LPLA] will visit the NASDAQ MarketSite in New York City's Times Square to celebrate their initial public offering on The NASDAQ Stock Market.

In honor of the occasion, Mark Casady, Chairman and Chief Executive Officer of LPL, will ring the NASDAQ Opening Bell.

Where: NASDAQ MarketSite -- 4 Times Square -- 43rd & Broadway -- Broadcast Studio

When: Thursday, November 18th, 2010 at 9:15 a.m. to 9:30 a.m. ET

Contacts: Michael Herley (212) 521 4897 michael.herley@kekst.com

Joseph Kuo (704) 733-3931 media.inquiries@lpl.com

NASDAQ MarketSite: Robert Madden (646) 441-5045
Robert.Madden@NASDAQOMX.com

Feed Information:

The Opening Bell is available from 9:20 a.m. to 9:35 a.m. on AMC3 / C22, 87 degrees West, downlink frequency 4140 vertical. The feed can also be found on Ascent fiber 1623. If you have any questions, please contact Robert Madden at (646) 441-5045.

Radio Feed:

An audio transmission of the Opening Bell is also available from 9:20 a.m. to 9:35 a.m. on uplink IA6 C band / transponder 24, downlink frequency 4180 horizontal. The feed can be found on Ascent fiber 1623 as well.

Facebook and Twitter:

NASDAQ:

For multimedia features such as exclusive content, photo postings, status updates and video of bell ceremonies please visit our Facebook page at:

http://www.facebook.com/nasdaqomx

For news tweets, please visit our Twitter page at:

http://twitter.com/nasdaqomx

Webcast:

A live webcast of the NASDAQ Opening Bell will be available at: http://www.nasdaq.com/about/marketsitetowervideo.asx

Photos:

To obtain a hi-resolution photograph of the Market Open, please go to http://www.nasdaq.com/reference/marketsite_events.stm and click on the market open of your choice.

About LPL Financial [LPLA]:

LPL Financial is an independent broker-dealer with over 2,500 employees and offices in Boston, Charlotte, and San Diego. LPL Financial and its affiliates offer proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,000 independent financial advisors and financial advisors at financial institutions. Additionally, the company supports over 4,000 financial advisors who are affiliated and licensed with insurance companies with customized clearing, advisory platforms and technology solutions. For more information, please visit www.lpl.com.

Member FINRA/SIPC

About NASDAQ OMX:

The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with approximately 3,600 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visithttp://www.nasdaqomx.com. Please follow NASDAQ OMX on Facebook (http://www.facebook.com/nasdaqomx) and Twitter (http://www.twitter.com/nasdaqomx).

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: The NASDAQ OMX Group, Inc.

NDAQA
Company Press Release

NEW YORK, Nov. 18, 2010 /PRNewswire-FirstCall/ -- LPL Investment Holdings Inc. ("the Company" or "LPL"), parent company of independent broker-dealer LPL Financial Corporation ("LPL Financial"), today announced that LPL common stock has commenced trading on the NASDAQ Stock Market under the ticker symbol "LPLA."

To celebrate the first day of trading for the Company's stock, Mark Casady, LPL chairman and chief executive officer, rang today's opening bell on the NASDAQ Stock Market.

"Our firm's public listing on the NASDAQ Stock Market is an exciting next step for our company," said Mr. Casady. "We selected the symbol 'LPLA' to show our commitment to independent, unbiased advice. The 'A' represents our advisors and the objective advice they give to Main Street investors."

Robert McCooey, Jr., NASDAQ senior vice president and head of capital markets and new listings, said, "NASDAQ is delighted to welcome a company that enables the delivery of independent financial advice to millions of Americans. We believe that LPL Financial represents the future of the retail financial advice model, and we at NASDAQ embrace and welcome its association with us."

About LPL Financial

LPL Financial is an independent broker-dealer with over 2,500 employees and offices in Boston, Charlotte, and San Diego. LPL Financial and its affiliates offer proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,000 independent financial advisors and financial advisors at financial institutions. Additionally, the company supports over 4,000 financial advisors who are affiliated and licensed with insurance companies with customized clearing, advisory platforms and technology solutions. For more information, please visit www.lpl.com.

Member FINRA/SIPC
LPLA-C
Company Press Release

BOSTON, Nov. 17, 2010 -- LPL Investment Holdings Inc. (Nasdaq: LPLA) (the "Company"), parent company of LPL Financial LLC ("LPL Financial"), an independent broker-dealer, today announced the initial public offering of 15,657,482 shares of its common stock by selling stockholders at a price of $30.00 per share. The Company's shares are expected to begin trading on The NASDAQ Global Select Market on November 18, 2010 under the trading symbol "LPLA." The underwriters have a 30 day option to purchase up to an additional 1,565,748 shares from the Company and a selling stockholder at the initial public offering price.

Goldman, Sachs & Co., Morgan Stanley, BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering. Sanford C. Bernstein, Citi, UBS Investment Bank, William Blair & Company, Keefe, Bruyette & Woods, Lazard Capital Markets, Macquarie Capital and Sandler O'Neill + Partners, L.P. are acting as co-managers.

The offering is being made only by means of a prospectus. When available, a copy of the prospectus related to the offering may be obtained by contacting: Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, email: prospectus-ny@ny.email.gs.com, or from Morgan Stanley & Co. Incorporated at 180 Varick Street, New York, New York 10014, Attn: Prospectus Department, by calling 866-718-1649 or by emailing prospectus@morganstanley.com.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About LPL Financial

LPL Financial is an independent broker-dealer with over 2,500 employees and offices in Boston, Charlotte, and San Diego. LPL Financial and its affiliates offer proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,000 independent financial advisors and financial advisors at financial institutions. Additionally, the company supports over 4,000 financial advisors who are affiliated and licensed with insurance companies with customized clearing, advisory platforms and technology solutions.

Member FINRA/SIPC
LPLA-F 

Edited by: Neil Anderson, Managing Editor


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