Dynasty Financial files for public offering, seeks to raise $100M

St. Petersburg-based Dynasty Financial Partners, a wealth management firm, is planning to go public. 

Dynasty Financial filed an IPO (initial public offering) Wednesday, according to the Security Exchange Commission.  

The firm plans to raise $100 million through the IPO and would be listed on the NASDAQ exchange under the symbol “DSTY.”

Dynasty, which relocated from New York to St. Petersburg in 2019, is based in the 200 Central office tower. Today, the firm manages nearly $65 billion in assets. 

“For more than a decade, we have championed the benefits of independent wealth management for HNW and UHNW individuals and have contributed to the movement of assets from traditional brokerage channels to the independent channels of wealth management,” Dynasty’s Form S-1 read. “Our firm is focused on meeting the needs of wealth advisory firms across their life cycle. This provides us with an in-depth understanding of the needs and challenges that our clients face and makes us well-positioned to develop highly attractive products and solutions to meet their needs.”  

The number of shares offered and the price range for the proposed offering have not yet been determined. 

Dynasty plans to use some of the net proceeds from the transaction to buy common units of Dynasty Financial Partners LLC from existing unitholders and newly issued common units of Dynasty Financial Partners LLC at a per-unit price equal to the per-share price paid by underwriters of the deal, according to the filing. 

Goldman Sachs, J.P. Morgan, Citi and RBC Capital Markets are the joint bookrunners on the offering. D.A. Davidson and Co., Keefe, Bruyette and Woods, a Stifel company, and Maxim Group are co-managers on the deal.

Dynasty declined to comment on the IPO. 

The news of the firm’s IPO comes on the heels of Dynasty’s plans to develop its new headquarters at a city-owned site. 

Dynasty was one of seven development teams vying to purchase the lot at 910 2nd Ave. South. to develop a Class A office building. 

Former St. Petersburg Mayor Rick Kriseman selected Dynasty’s proposal to acquire and develop the site. Under Dynasty’s plans, the new office building would house Dynasty’s new HQ and potentially the new HQ for Cathie Wood’s ARK Invest firm. ARK Invest is also based in 200 Central. 

A rendering from Dynasty Financial Partners. City of St. Petersburg documents.

The site of the office building would also have 400 residential units and an innovation and fintech recruiting hub. 

As Dynasty has sufficiently grown its assets and clientele, Dynasty CEO Shirl Penney recently said the firm is committed to staying in St. Pete and needs the new office space.

“We are now the largest independent wealth management platform services company and one of the fastest-growing wealth technology businesses in the country. Over time, we are going to acquire companies and we need more space to consolidate them here,” Penney said.

“From the start, we came into town thinking about making this type of investment in this community. During the pandemic, like most companies, we focused on our people and clients. As things started to rebound, we decided to dust off where we left off.” 

Dynasty’s rapid growth has allowed the firm to earn $49.2 million in revenue and a net income of $10.6 million through the first three quarters of 2021.