BATS Global Markets Files for $100M IPO

BATS Global Markets, Inc., filed a registration with the U.S. SEC for an IPO of its common stock. The proposed maximum offering price is $100 million.

Underwriters are Morgan Stanley, Citigroup, BofA Merrill Lynch, Credit Suisse, Goldman, Sachs & Co., J.P. Morgan, Jefferies, Barclays, Nomura, and Sandler O'Neill + Partners, L.P.

Financial commentary: "Our revenue consists primarily of transaction fees, regulatory fees, market data fees and port fees. On a consolidated basis, our revenues less cost of revenues were $285.8 million for the nine months ended September 30, 2015, which represents a 27.7% increase from the $223.8 million generated for the nine months ended September 30, 2014. Non-transaction revenues were 55.3% of revenues less cost of revenues for the nine months ended September 30, 2015. On a consolidated basis, we generated $307.5 million in revenues less cost of revenues for the year ended December 31, 2014. Adjusting for growth through acquisitions, our organic compound annual growth rate of revenues less cost of revenue for the last four years was 12.8%. For the nine months ended September 30, 2015, our Normalized EBITDA margin was 60.4%, an increase from 54.1% for the nine months ended September 30, 2014."

BATS Global Markets is a leading global operator of securities exchanges and other electronic markets enabled by world-class technology.

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