BATS: Countdown for IPO On March 23
(LEXANA) BATS Global Markets said in a recent filing with the Securities and Exchange Commission that it expects to sell its first shares to the public at between $16 and $18 each. That will be the price of an “A” class of shares. This will encompass 6.3 million shares of stock being sold by existing shareholders. Voting power will be held, however, by “B” shareholders. “Upon competion of this offering, our strategic investors will collectively own approximately 79.0% of the total voting power” of BATS’ outstanding stock, the Lenexa, Kansas, operator of two national stock exchanges said in its filing.
If the shares are priced at $17, that would bring in roughly $107 million, before fees or expenses, to BATS. BATS was formed in 2005 by David Cummings, still a BATS director and the chairman of Tradebot Systems, as well as 12 former Tradebot employees. Affiliates of Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Global Electronic Trading Company (GETC), J.P Morgan, Lehman Brothers, Morgan Stanley and Wedbush have become strategic investors in BATS.
BATS operates the BYX and BZX stock exchanges and the BATS Options Exchange in the United States and BATS Chi-X Europe across the Atlantic.
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