BATS Global Markets Inc. is having another go at an IPO.

The second-largest stock-exchange operator by market volume is planning a second attempt at an initial public offering next year, according to people familiar with the matter. The Lenexa, Kan.-based company may file its prospectus with the Securities and Exchange Commission as early as December, the people said. The company is valued at more than $2 billion, including debt, some of the people said.

Morgan Stanley and Citigroup Inc. have been tapped to lead a group of banks to work on the IPO, they said.

The ramp-up comes more than 3½ years after a software glitch derailed BATS's first attempt at going public. In March 2012, the company canceled its offering after technical problems caused its shares to plunge in value to a few pennies just after trading went live.

After it considered listing on markets run by the New York Stock Exchange and Nasdaq Inc., BATS is now planning to launch the IPO on its own exchange, the people said. This time, executives are planning an extensive testing regime beforehand to avoid any problems with the sequel.

BATS has transformed itself since it last went to the public markets. Since 2012, it has merged with exchange operator Direct Edge Holdings, acquired a currency-trading platform, launched an options exchange and started to build up an exchange-traded fund listings business. Its 2015 valuation is nearly three times its $745 million valuation in 2012, according to the people familiar with the matter.

Chris Concannon, president and CEO of BATS, has driven much of its recent expansion. He joined the company in December 2014 from high-frequency trading firm Virtu Financial Inc., which listed its shares on Nasdaq in April.

Write to Bradley Hope at bradley.hope@wsj.com and Telis Demos at telis.demos@wsj.com

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(END) Dow Jones Newswires

November 30, 2015 11:35 ET (16:35 GMT)

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