Bats set for second IPO attempt on its own exchange

Bats set for second IPO attempt on its own exchange

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Bats Global Markets is expected to make its stock market debut on Friday when it lists in an IPO on its own market.

The Kansas-based group, which operates the second-largest equities market in the US, has priced 13.3m shares at $19 apiece.

Proceeds from the sale, which total $253m, will go to investors including Bank of America and Goldman Sachs.

The group tried to go public four years ago on its own exchange but failed due to a technology glitch.

Since then it has merged with rival Direct Edge and developed a dominant position in exchange traded funds.

Shares are expected to begin trading Friday on the Bats BZX Exchange under the symbol ‘BATS’.

Morgan Stanley, Citi, Bank of America, Credit Suisse, Goldman Sachs and J.P. Morgan acted as lead managers on the deal.

Bats is the first non-healthcare company to come public in the US this year.

Banks and investors are looking to the Bats deal to spark the IPO market back into life after being hampered by stock market volatility.


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