Marex Group, a UK commodities broker and trading services firm, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Marex is a diversified global financial services platform that provides critical services to clients across energy, commodities, and financial markets by connecting them to global exchanges and providing a range of execution services. Its business consists of five segments: clearing, agency and execution, market making, hedging and investment solutions, and corporate. Marex believes it is one of the leading service providers in the global commodities market, providing connectivity to 58 exchanges. The company had a base of more than 4,000 clients as of December 31, 2023, and it executed approximately 129 million trades and cleared approximately 856 million contracts in 2023.
The London, United Kingdom-based company was founded in 2005 and booked $1.2 billion in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol MRX. Marex Group filed confidentially on December 6, 2023. Barclays, Goldman Sachs, Jefferies, and Keefe Bruyette Woods are the joint bookrunners on the deal. No pricing terms were disclosed.
