Bats files for IPO

Bats files for IPO

Exchange operator Bats Global Markets has filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO).

Kansas City-based Bats says the number of shares to be offered and the price range for the offering have not been determined yet.

A portion will be issued and sold by Bats with more sold by stockholders, which include Merrill Lynch, Morgan Stanley, Credit Suisse, Citi, JPMorgan and Deutsche Bank.

Bats is only about five years old but has used cutting edge technology and low prices at its two US equity exchanges to take significant market share from the country's major players Nyse Euronext and Nasdaq OMX.

The firm also runs a European platform and has recently acquired rival outfit Chi-X Europe.

The company reported revenue of $835 million in 2010 with net income of $19.8 million.

The planned IPO comes at a time of major upheaval at exchanges around the world, with the London Stock Exchange trying to tie up an acquisition of Canada's TMX and Deutsche Boerse fighting Nasdaq OMX and ICE for control of Nyse Euronext.

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