Shares of portfolio manager and advisory firm Financial Engines are soaring in their market debut Tuesday.
Financial Engines Inc. was the first company since late November to price shares of its initial public offering above expectations, raising $127.2 million late Monday.
The Palo Alto, Calif. company was founded in 1996 by Stanford finance professor and economics Nobel winner William Sharpe. It offers investment advice for employer-sponsored retirement plans, and turned its first profit in 2009.
Financial Engines shares jumped $3.65, or 30 percent, to $15.65 in morning trading after pricing at $12. The company had expected a price range from $9 to $11.
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