Bats Global Markets, which operates equities and options exchanges in the US and Europe, announced terms for its IPO on Monday.
The Lenexa, KS-based company plans to raise $202 million by offering 11.2 million shares (100% insider) at a price range of $17 to $19. At the midpoint of the proposed range, Bats Global Markets would command a fully diluted market value of $1.8 billion.
Not a single IPO outside the health care sector has priced in 2016.
Top competitors include Intercontinental Exchange (NYSE: ICE), which owns the NYSE, and Nasdaq (Nasdaq: NDAQ)
Bats Global Markets was founded in 2005 and booked $1.8 billion in sales for the 12 months ended December 31, 2015. It plans to list on its own Bats BZX Exchange under the symbol BATS. Morgan Stanley, Citi, BofA Merrill Lynch, Credit Suisse, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of April 11, 2016.
