Hopefully, the second time around should be better for BATS Global Markets as it attempts to go public again.
The Kansas-based exchange operator is planning a 2016 initial public offering, according to news reports.
The exchange, the Wall Street Journal wrote, 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.
BATS originally attempted to go public back in 2012 but was critically hampered by a software glitch that crippled trading in the stock just moments after it was released. Subsequently, the operator canceled the offering.
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 grown into the U.S.s third largest exchange since 2012, which should bolster its appeal, sources said. According to the Journal report, BATSs 2015 valuation is nearly three times its $745 million valuation in 2012, according to the people familiar with the matter.
