Focus Financial files for an IPO valued at $100 million

Focus Financial Partners is planning an initial public offering, according to an S-1 form filed with the Securities and Exchange Commission on Thursday. The filing did not contain pricing details, but did value the offering at $100 million. Focus Financial will trade on the NASDAQ stock exchange under the ticker "FOCS." According to the prospectus, Focus Financial has partnered with more than 50 registered investment adviser firms around the United States. "We have achieved this market leadership by positioning ourselves as the partner of choice for many firms in an industry where a number of secular trends are driving RIA consolidation," the form states. "Our partner firms benefit from our intellectual and financial resources, operating in a scaled business model with aligned interests, while retaining their entrepreneurial culture and independence." Founded in 2006 by CEO Ruediger "Rudy" Adolf, Focus Financial brought in $662.9 million of revenue in the 2017 calendar year and had a net loss of $48.4 million. In the first three months of 2018, revenue was $196.2 million and its net loss was $12.1 million. The company says 90% of revenues are fee-based and recurring in nature. The company listed Goldman Sachs, BMO Capital Markets, Bank of America Merrill Lynch, RBC Capital Markets, KKR and SunTrust Robinson Humphrey as join book-running managers. Raymond James, William Blair, and Keefe, Bruyette & Woods were also named as co-managers.