BATS Global Markets (BATS) IPO Opens at $22.88
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Today's IPO for BATS Global Markets, Inc. (BZX: BATS) opened at $22.88 after pricing its 13,300,000 share IPO at $19 per share, versus expected range of $17-$19 per share. The size of the offering was increased from the initially announced 11,200,000 shares.
Morgan Stanley and Citigroup are acting as joint bookrunning managers and the representatives of the underwriters. BofA Merrill Lynch, Credit Suisse, Goldman, Sachs & Co., and J.P. Morgan are acting as joint bookrunners, and Jefferies, Barclays, Deutsche Bank Securities, Nomura, Rosenblatt Securities and Sandler O’Neill + Partners, L.P. are acting as co-managers of the offering.
Bats Global Markets, Inc., is a leading global operator of exchanges and services for financial markets, dedicated to Making Markets Better. They are the second-largest stock exchange operator in the U.S., operate the largest stock exchange and trade reporting facility in Europe, and are the #1 market globally for ETF trading. They also operate two fast-growing U.S. options exchanges. In the global foreign exchange market, they operate Hotspot. ETF.com, a leading provider of ETF news, data and analysis, is a wholly-owned subsidiary. The company is headquartered in Kansas City with offices in New York, London, Chicago, San Francisco and Singapore.
Revenues less cost of revenues were $384.4 million for the year ended December 31, 2015, which represents a 25.0% increase from the $307.5 million generated for the year ended December 31, 2014. Non-transaction revenues were 55.4% of revenues less cost of revenues for the year ended December 31, 2015. Adjusting for growth through acquisitions, organic compound annual growth rate of revenues less cost of revenue for the last four years was 12.4%. For the year ended December 31, 2015, Normalized EBITDA margin was 61.2%, compared to 54.7% for the year ended December 31, 2014.
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