BATS Global Markets, Inc. IPO Info

BATS Global Markets, Inc.

Company Name: BATS Global Markets, Inc.
Stock Symbol: BATS
Exchange: NYSE
Status: Priced
IPO Date: 4/15/2016
IPO Price: 19.00 (76.37%)
Underwriters
Morgan Stanley, Citi, BofA Merrill Lynch, Credit Suisse, Goldman, Sachs & Co., J.P. Morgan

Amount of Offering: N/A
Number of Shares Offered: 13.3 Mil
Shares Outstanding After Offering: N/A
Valuation: N/A
Company Description
We are a leading global operator of securities exchanges and other electronic markets enabled by world-class technology. We provide trade execution, market data, trade reporting, connectivity and risk management solutions to brokers, market makers, asset managers and other market participants, ultimately benefiting retail and institutional investors across multiple asset classes. Our principal objective is to improve markets by maximizing efficiency and mitigating trade execution risk for market participants. Our asset class focus currently comprises listed cash equity securities in the United States and Europe, listed equity options in the United States and institutional spot FX globally, as well as exchange-traded products, or ETPs, including exchange-traded funds, or ETFs, in the United States and Europe. Trade execution comprised 44.6% of our revenues less cost of revenues, and market data and connectivity, or non-transaction revenues, comprised 55.4% of our revenues less cost of revenues for the year ended December 31, 2015. We are the second largest exchange operator in U.S. listed cash equity securities trading by market share, the largest exchange operator of ETFs and other ETPs by market share, and the largest European exchange operator as measured by notional value traded as of December 31, 2015. In addition, for each of the six consecutive months ended December 31, 2015, excluding the Chinese exchanges, we were the largest equities market operator globally as measured by notional value traded. Moreover, during 2015 we operated the fastest growing market in the United States for exchange traded options as measured by market share.
Financial Data
On a consolidated basis, our 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, our 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, our Normalized EBITDA margin was 61.2%, compared to 54.7% for the year ended December 31, 2014.

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