BATS Global Markets announced on Thursday the pricing of its initial public offering, which is valued at more than $100 million.
A total of 6,296,829 shares of Class A common stock will be available to the public at a price of $16 per share. A previous consensus expected shares to price between $16 and $18. In addition, one of the company’s selling stockholders has granted the underwriters a 30-day option to purchase up to an additional 944,524 shares.
BATS will not receive any proceeds from the sale of any shares by the selling stockholders. The offering is expected to close on Wednesday, March 28. It is still subject to certain closing conditions.
Shares will trade on the BATS Exchange under the symbol BATS. The IPO is being made solely by means of a prospectus.
Morgan Stanley, Citigroup and Credit Suisse are acting as joint book-running managers for the offering. Deutsche Bank Securities, Wedbush Securities, J.P. Morgan, Bank of America Merrill Lynch, Raymond James, Sandler O’Neill + Partners, Rosenblatt Securities, and Nomura are acting as co-managers.
BATS operates two stock exchanges in the U.S., the BATS BZX Exchange and BATS BYX Exchange, as well as BATS Options, a U.S. equity options market, and BATS Europe and Chi-X Europe, which operate FSA-authorized multilateral trading facilities.
BATS exchanges trade roughly 11 percent of total daily U.S. equity volume, 25 percent of European equities daily volume and 3 percent of daily U.S. options volume.
