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NERDWALLET SOARS 91% IN IPO DEBUT, VALUING THE PERSONAL FINANCE WEBSITE AT $2
BILLION




Matthew Fox
Nov. 4, 2021, 01:22 PM









Tim Chen and Jake Gibson cofounded NerdWallet in 2009.

LinkedIn

 * NerdWallet stock soared as much as 91% in its IPO debut on Thursday, valuing
   the personal finance website at $2 billion.
 * The company priced its IPO at $18 per share, in the middle of its expected
   $17-$19 range.
 * NerdWallet raised $130 million from the offering at a $1.2 billion valuation.

--------------------------------------------------------------------------------

NerdWallet, the personal finance website founded in 2009, soared as much as 91%
in its IPO trading debut on Thursday.

The company priced its IPO at $18 per share, in the middle of its expected
$17-$19 per share range, giving it a $1.2 billion valuation. But with Thursday's
surge, the company saw its valuation hit more than $2 billion.

The company trades on the Nasdaq under the ticker symbol "NRDS."

NerdWallet raised $130.5 million from the share offering, having sold 7.25
million shares. The company recorded $182 million in revenue in the first six
months of 2021, representing year-over-year growth of 32%. And rare for most IPO
companies, NerdWallet has been profitable in the past, generating $5 million in
net income in 2020.






But rising marketing costs caused NerdWallet to swing to a loss of $27 million
in the first six months of 2021 from income of $3 million in the same time
period last year.

"We've come a long way, but I believe we're still in the early innings. We aim
to become the most trusted name in personal finance," co-founder and CEO Tim
Chen wrote in a letter included in its S-1 filing. The company has 21 million
monthly unique users.

Read the original article on Business Insider





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