CS Credit Suisse Group

Bats Global Markets Inc. said its first-quarter profit doubled, driven by increased market volume and market share, in its first earnings report as a public company.

Bats went public last month, surging in its market debut after shares priced at the high end of expectations. The deal gave a shot of optimism to the IPO market after a first quarter that saw the fewest U.S. listings since the financial crisis. As of Thursday's close at $24.15, the stock is up 27% from its IPO price of $19.

The exchange operator is touting itself more as a technology firm than a financial company, according to investors and analysts who attended the company's roadshow ahead of the offering.

Bats also touts itself the largest exchange operator of ETFs and other exchange-traded products by market share. From the start of 2016 through March 23, ETFs accounted for about a quarter of total stock-market trading volume, up from 17% in the same period of 2014 and roughly a fifth of trading volume in 2015, according to data from Credit Suisse Group AG.

Bats's U.S. equities market share in the quarter rose to 21.3% from 20.8% as its average daily volume grew to 8.6 billion shares from 6.9 billion a year earlier. Its U.S. options market share grew to 10.2% from 8.8% as volume improved to 16.8 million from 15.9 million.

In all, its quarterly earnings increased to $30.1 million, or 31 cents a share, from $14.8 million, or 16 cents a share, a year earlier. Excluding amortization and other one-time costs, earnings rose to 37 cents a share from 21 cents.

Revenue grew to $510.9 million from $425 million.

Revenue from transaction fees climbed 22% to $371.9 million, while revenue from market data fees increased by the same percentage to $37.2 million.

The stock was inactive after hours.

Write to Lauren Pollock at lauren.pollock@wsj.com

(END) Dow Jones Newswires

May 05, 2016 18:05 ET (22:05 GMT)

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