Robo-Adviser Wealthfront, Backers Raise $484.6 Million in IPO

Wealthfront Corp. and some of its shareholders raised $484.6 million in an initial public offering, after shares in the robo-advisory firm priced at the top of the marketed range.

The Palo Alto, California-based company sold 21.5 million shares and the backers sold 13.1 million shares at $14 apiece, according to a statement Thursday. The stock was marketed for $12 to $14 each, according an earlier filing. The IPO was multiple times oversubscribed.

At the IPO price, Wealthfront would have a market value of around $2 billion based on the outstanding shares listed in its filing. Funds run by ...