Envestnet is one of the company’s vendors and acquired a minority stake in Dynasty in January 2020. Goldman Sachs, J.P. Morgan Securities, Citigroup Global Markets and RBC Capital Markets are among the deal’s underwriters.
The proceeds of the IPO will go in part toward buying shares of the unitholders in Dynasty Financial Partners LLC, the new company’s predecessor.
“We intend to use a portion of the net proceeds of this offering to purchase common units of Dynasty Financial Partners LLC from existing [LLC] unitholders at a per-unit price equal to the per-share price paid by the underwriters for shares of the Class A common stock in this offering,” the filing said. “We also intend to use a portion of the net proceeds from this offering to purchase newly issued common units from Dynasty Financial Partners LLC at a per-unit price equal to the per-share price paid by the underwriters for shares of our Class A common stock in this offering.”