LPL Financial Holdings (LPLA) said Monday it has launched an underwritten public offering of $1.50 billion of its common shares.

The underwriters will likely get a 30-day option to buy up to an additional $225 million of LPL Financial's common stock, the company said.

Net proceeds are expected to finance a part of the cash consideration related to LPL Financial's proposed acquisition of Commonwealth Financial Network, with any remaining funds to be used for general corporate purposes, LPL Financial added.