Dynasty Financial Partners scraps IPO
December 19, 2022 - St. Petersburg-based Dynasty Financial Partners announced Monday it has ditched its planned initial public offering (IPO). The firm planned to raise $100 million through the IPO. "After evaluating the state of the public markets, our board decided to have a handful of conversations with potential private investors. Having been afforded the luxuries of optionality and time, there were two requirements that were atop my list as we went through the process – partnership and alignment,” Dynasty’s President and CEO Shirl Penney said in the company's news release. “I am delighted to say that several firms viewed the process in the same light and am excited to welcome Abry and Schwab to sit alongside our already extremely supportive group of investors. I also want to thank both our legacy investors and new board members that have also invested in the round; their unwavering support is inspiring. Lastly, I want to welcome many of our RIA partners as investors in Dynasty and appreciate their commitment to the partnership, our community, and to growing together.”