Tradeweb Markets, an electronic trading platform backed by Blackstone and Thomson Reuters, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $682 million by offering 27.3 million shares at a price range of $24 to $26. At the midpoint of the proposed range, Tradeweb Markets would command a market value of $5.6 billion.
Tradeweb Markets was founded in 1996 and booked $684 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol TW. J.P. Morgan, Citi, Goldman Sachs and Morgan Stanley are the active bookrunners on the deal; BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank, UBS, and Wells Fargo are passive bookrunners. It is expected to price during the week of April 1, 2019.
