Personal finance firm NerdWallet valued at $1.5 billion in strong market debut

Nov 4 (Reuters) – Shares of NerdWallet Inc (NRDS.O) rose nearly 31% in its stock market debut, valuing the company at around $1.5 billion, as the firm joined a group of companies that have gone public to take advantage of the big investor. appetite for tech stocks.

Shares of San Francisco, California-based NerdWallet opened at $23.5. It sold 7.25 million shares at $18 each, the midpoint of the previously announced price range, raising $130.5 million.

NerdWallet, co-founded in 2009 by former hedge fund executive Tim Chen and former JP Morgan trader Jake Gibson, provides financial guidance to users on credit cards, loans, mortgages and other financial products.

Chen was inspired to create a company that simplifies everyday financial decisions when he couldn’t find the answer online to his sister’s question about which credit card was best for an expat living in Australia.

A wave of fintech companies have debuted on the market this year, including buy-now-pay-later firm Affirm Holdings Inc (AFRM.O), online brokerage Robinhood Markets Inc (HOOD.O) and trading platform cryptocurrency Coinbase Global Inc (COIN). .EITHER).

Morgan Stanley, BofA Securities, KeyBanc Capital Markets, Barclays and Citigroup are among the joint brokers in the NerdWallet offering.

Reporting from Manya Saini in Bangalore; Edited by Shailesh Kuber

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