Dynasty Financial Partners, the St. Petersburg, Fla.-based independent advisor services platform, filed an amended Form S-1 with the Securities and Exchange Commission on Wednesday, an indication that its initial public offering, originally filed in January, is still in the works .
Sally Cates, a spokeswoman for Dynasty, declined to comment.
Earlier this week, CityWire reported that Dynasty had shelved plans for its IPO and was considering raising capital through private markets.
In January, Dynasty applied to list its Class A common stock on the NASDAQ Global Market under the symbol “DSTY”. The offering has not yet been priced, so it remains to be seen how much capital Dynasty will raise.
The Wall Street Journal recently reported that the IPO market is the worst in 20 years, with high inflation, interest rate changes and the invasion of Ukraine forcing hundreds of firms to hold patterns until markets recover.
According to Renaissance Capital, 54 IPOs were rated this year, down nearly 81% year over year, and only 95 new IPOs were filed, down 71% from 2021. Companies generated $4.5 billion in total revenue this year, down 95% from a year ago.
Dynasty was founded in 2010 by President and CEO Shirl Penney and co-founder and Chief Operating Officer Edward Swenson with the goal of helping breakaway advisors become independent and provide a service platform to help them launch their own RIAs.
Since then, Dynasty has evolved into a platform serving 48 partner firms serving 319 financial advisors with average assets under management per advisor of $212 million (as of June 30, 2022), up from a year ago. Dynasty reported revenue of $38.9 million with net income of $7 million for the first six months of 2022, compared to $31.4 million and $6.9 million for the same period of the year 2022.
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