Markit, which provides bond and loan information and derivatives trade processing services, announced terms for its IPO on Tuesday. The London, United Kingdom-based company plans to raise $1.1 billion by offering 45.7 million shares (100% insider) at a price range of $23 to $25. At the midpoint of the proposed range, it would command a fully diluted market value of $5.0 billion.
Markit, which was founded in 2003 and booked $980 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol MRKT. It initially filed confidentially on January 27, 2014. BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, UBS Investment Bank, BNP Paribas, Jefferies, RBC Capital Markets, RBS and TD Securities are the joint bookrunners on the deal. It is expected to price the week of June 16, 2014.
