Wealthfront (WLTH) said Tuesday that it has launched its planned initial public offering of 34.6 million shares, consisting of 21.5 million sold by the company and 13.1 million by existing shareholders.

The company said it will not receive any proceeds from the shares sold by current stockholders.

Wealthfront said it also plans to grant underwriters a 30-day option to buy up to an additional 5.2 million shares at the IPO price.

The IPO price is expected to range between $12 and $14 per share, the company said.

Wealthfront said it has applied to list its shares on the Nasdaq under the 'WLTH' ticker symbol.