TRI Thomson Reuters Corp

By Allison Prang and Bowdeya Tweh 

Refinitiv is taking trading-platform operator Tradeweb Markets Inc. public.

Tradeweb said in its Securities and Exchange Commission filing Thursday that it expects to raise $100 million in proceeds from the offering, but that figure is often used as a placeholder to calculate filing fees.

It didn't give a range for its initial public offering or say how many shares it expected to sell. The company is expected to be valued at more than $5.5 billion at the time of the offering, according to people familiar with the matter, though IPO pricing can change at the last minute.

Refinitiv will still own the majority of Tradeweb's voting power after the public offering. Refinitiv is the new name for Thomson Reuters Corp.'s financial and risk business. Thomson Reuters sold a 55% stake in the business to Blackstone Group LP for $17 billion last year.

Tradeweb, which counts MarketAxess and Bloomberg among its largest competitors, operates a marketplace to trade bonds, derivatives and money-market products.

Tradeweb had $29.3 million in net income for the three months ended Dec. 31, according to the filing. Net revenue was $178.6 million.

Bloomberg reported in January that the company had confidentially filed documents with securities regulators for an IPO, citing people familiar with the matter.

Tradeweb handled its first U.S. Treasury trade in 1998. The company had more than $549 billion in average daily trading volume last year, according to its filing. Most of that was in rates followed by money markets.

Tradeweb said it plans to apply to list its shares on the Nasdaq market as "TW."

--Maureen Farrell contributed to this article.

Write to Allison Prang at allison.prang@wsj.com and Bowdeya Tweh at Bowdeya.Tweh@wsj.com

(END) Dow Jones Newswires

March 07, 2019 11:26 ET (16:26 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.