FXCM’s IPO Raises $211 Million at Midpoint of Range
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FXCM Inc., which provides currency trading on the Internet for individual investors, raised $211 million selling its initial public offering at the midpoint of the forecast price range.
The operator of the DailyFX.com website sold 15.1 million shares at $14 each after offering them at $13 to $15, according to a filing with the Securities and Exchange Commission and data compiled by Bloomberg. At the midpoint, the IPO valued FXCM at 16 times earnings, an 42 percent discount to the median of five companies cited in the IPO prospectus as competitors, data compiled by IPOdesktop.com and Bloomberg show.