Marex Group, a UK commodities broker and trading services firm, announced terms for its IPO on Monday.
The London, United Kingdom-based company plans to raise $300 million by offering 15.4 million shares (75% secondary) at a price range of $18 to $21. At the midpoint of the proposed range, Marex Group would command a fully diluted market value of $1.4 billion.
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.
Marex Group 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. Barclays, Goldman Sachs, Jefferies, Keefe Bruyette Woods, Citi, UBS Investment Bank, Piper Sandler, and HSBC are the joint bookrunners on the deal.
