Tradeweb Markets, an electronic trading platform backed by Blackstone and Thomson Reuters, filed on Thursday 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 $500 million.
The New York, NY-based company was founded in 1996 and booked $658 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol TW. Tradeweb Markets filed confidentially on November 13, 2018. J.P. Morgan, Citi, Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
