Bats files for IPO, again

Bats files for IPO, again

Nearly four years after being forced to pull its IPO because of a technical meltdown, US exchange operator Bats Global Markets has filed for a second crack at going public.

The Kansas City-based operator has filed with the Securities and Exchange Commission to list on its own exchange, raising up to $100 million.

Owned by a collection of Wall Street banks, Bats first emerged a decade ago as a challenger to the New York Stock Exchange and Nasdaq, establishing itself as the second largest equities market operator in the US.

However, in March 2012 it was left humiliated after botching its own IPO. On the opening day of trading of its shares a software bug hit, not only hitting Bats stock but also Apple's.

Eventually the IPO was abandoned because of an "erosion of investor confidence" and president and chief executive Joe Ratterman was stripped of his chairmanship over what he called "a devastating moment for our company".

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