Bats Global Markets Said to Plan IPO for End of Next Week

  • Exchange operator sees its shares trading on April 15
  • IPO could value company at $1.8 billion, double its 2012 value

Bats Global Markets Inc. is planning to complete its initial public offering at the end of next week, according to a person familiar with the matter.

The IPO is likely to price on April 14, with the shares beginning to trade the next day, according to the person, who asked not to be named because the information is private.

Bats and a number of its shareholders are selling 11.2 million shares for $17 to $19 each, according to its deal prospectus. At the high end of that range, the company would have a market value of $1.8 billion -- or more than double the $760 million the exchange operator was valued at in 2012, when it aborted its first IPO attempt. Bats’s offering could raise as much as $212.8 million.

In the four years since it last tried to publicly offer its shares, Bats has matured, in part through acquisitions. It leapfrogged Nasdaq Inc. to become the second-largest operator of U.S. stock exchanges, boosted by its 2014 purchase of stock market operator Direct Edge. Bats also entered currency trading in a deal for its Hotspot FX venue, which it bought from KCG Holdings Inc.

Morgan Stanley and Citigroup Inc. are leading the offering.

Financial News reported the IPO timing earlier Wednesday.

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