BOSTON – LPL Financial Corp., which provides private label investment services for hundreds of credit unions, said Friday it plans to raise as much as $600 million with an initial public offering.
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LPL, which was taken private in 2005 by private equity giants Hellman & Friedman LLC and TPG Capital, is one of the nation's largest independent broker-dealers and provides services through 750 credit unions and banks.
The offering will consist of primary shares to be sold by the company and secondary shares to be sold by some of its existing minority shareholders.
LPL reported its profit surged 73% as revenue grew 16% to $743.4 million for the first quarter of 2010.
