BATS Global Markets, which operates equities and options exchanges in the US and Europe, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million.
The Lenexa, KS-based company, which was founded in 2005 and booked $1.8 billion in sales for the 12 months ended September 30, 2015, plans to list under the symbol BATS on the BATS Exchange. Morgan Stanley, Citi, BofA Merrill Lynch, Credit Suisse, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
