BATS Global Markets Plans 2016 IPO
November 30 2015 - 11:50AM
Dow Jones News
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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