Shares of National Financial Partners Corp., a financial services firm in New York, opened for trading on the New York Stock Exchange Thursday at $26.25, 14% above the $23 offering price that day.
The initial public offering of 9.1 million shares was led by Goldman Sachs Group Inc. and Merrill Lynch & Co. and was priced at the high end of estimates of $21 to $23 a share.
National Financial sold 3.5 million shares in the IPO, and dozens of stockholders sold the remaining 5.6 million shares. The company targets high-net-worth clients and small to midsize businesses, offering financial planning and investment consulting, insurance, and corporate benefits consulting. Most of its business is in New York, Florida, and California.
It is well-known on Wall Street, primarily since Jessica Bibliowicz, the daughter of Citigroup Inc. chairman Sandy Weill, runs the firm. Mr. Weill, though not associated with the company, was with his daughter at the Big Board when she rang the opening bell.
