Penson Worldwide, Inc. announced today that its initial public offering of 7,457,761 shares of its common stock has been priced at US$17 per share, of which 6,250,000 shares were sold by the company and 1,207,761 shares were sold by selling stockholders.

The shares will be listed on the Nasdaq National Market and will trade under the symbol “PNSN.”

Penson will not receive any proceeds from the sale of shares by the selling stockholders. Penso expects to use the increased capital to support the expansion of its correspondent base, which is in part dependent on the amount of the company’s regulatory capital.

The underwriters have a 30-day option to purchase up to an additional 939,678 shares from Penson and 178,986 shares from the selling stockholders.

J.P. Morgan Securities Inc. and Credit Suisse Securities (USA) LLC are acting as joint-book running managers, Banc of America Securities LLC as co-lead manager, and Raymond James & Associates, Inc. and Sandler O’Neill & Partners, L.P. as co-managers for the offering.

The Penson Worldwide group of companies includes Penson Financial Services, Inc., Penson Financial Services Canada, Inc., Penson Financial Services, Ltd., Nexa Technologies, Inc. and Penson Financial Futures, Inc. among other companies. The companies provide execution, clearing, custody, settlement, and technology infrastructure products and services to securities firms and others servicing the securities industry.