Big banks share in $6 billion windfall from Tradeweb IPO

Source: Tradeweb

Tradeweb Markets Inc., a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced the pricing of its initial public offering of 40,000,000 shares of its Class A common stock at a price to the public of $27.00 per share.

The shares are expected to begin trading on April 4, 2019 on the NASDAQ Global Select Market under the ticker symbol "TW." In addition, the underwriters have a 30-day option to buy up to an additional 6,000,000 shares of Class A common stock from Tradeweb Markets at the IPO price, less underwriting discounts and commissions. The closing of the offering is expected to occur on April 8, 2019, subject to satisfaction of customary closing conditions.

The net proceeds from the offering will be used to purchase equity interests from certain existing bank stockholders. Refinitiv will continue to own a controlling interest in Tradeweb following the offering.

J.P. Morgan, Citigroup, Goldman Sachs & Co. LLC and Morgan Stanley are acting as the joint book-running managers for the offering.

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