LPL Investment raises $470M in IPO

LPL Investment Holdings Inc., the brokerage and investment advisory firm owned by private equity firms TPG Capital and Hellman & Friedman LLC, raised $470 million in its initial public offering.

LPL Investment Holdings Inc., the brokerage and investment advisory firm owned by private equity firms TPG Capital and Hellman & Friedman, raised $470 million in its initial public offering.

LPL sold 15.66 million shares for $30 each after offering 15.61 million shares at $27 to $30 apiece, according to its filing with the Securities and Exchange Commission and data compiled by Bloomberg. The Boston-based company will use the proceeds to pay debt, the prospectus said.

LPL is one of at least four companies backed by private equity firms scheduled to sell shares in the biggest week for U.S. IPOs since March 2008, data compiled by Bloomberg show. The sale came after the Standard & Poor’s 500 Index today halted its longest stretch of declines in three months.

Private-equity firms TPG of Fort Worth, Texas, and San Francisco-based Hellman & Friedman, each owned 36 percent of LPL. Neither firm intended to sell shares in the IPO and would have retained a combined 64 percent stake, based on the original terms of the offering.

LPL starts trading tomorrow on the Nasdaq Stock Market under the ticker LPLA. New York-based Goldman Sachs Group Inc. and Morgan Stanley led the sale.

Bloomberg