RJ and Makay

On the night of November 17, LPL announced its initial public offering of 15,657,482 shares of its common stock, priced at $30, and on the morning of November 18^th it became officially listed on the NASDAQ under the symbol LPLA. Trading officially began at 9:30 EST that morning, with LPL’s chairman and chief executive, Mark Casady, doing the honor of ringing the opening bell. Shares hit a high at midday, reaching a price of $33.84, and closed at $32.15.

The IPO comes after years of anticipation. In total, it netted $470 million for stockholders who sold at the opening price. In June, when the Broker-Dealer registered for the offering, it estimated the deal value might be as high as $600 million. None of the proceeds from the sale will go to the company.