Tradeweb Sets IPO at 27.3 Million Shares Priced at $24 to $26 Each
March 25 2019 - 07:50AM
Dow Jones News
By Colin Kellaher
Tradeweb Markets Inc. on Monday said it will sell about 27.3
million shares at $24 to $26 apiece in its initial public
offering.
At the midpoint of the expected range, the trading-platform
operator said it expects net proceeds of about $642.5 million, or
roughly $738.9 million if the underwriters exercise their option to
buy another 4.1 million shares.
Tradeweb said it will use the IPO proceeds to buy back LLC
interests held by some of its bank stockholders and cancel the
corresponding common shares.
Tradeweb is 46% owned by a consortium of 11 banks, 10 of whom
are acting as underwriters on the deal.
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 (TRI) financial and risk business. Thomson Reuters
sold a 55% stake in the business to Blackstone Group LP (BX) for
$17 billion last year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 25, 2019 07:35 ET (11:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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