Tradeweb Markets, an electronic trading platform backed by Blackstone and Thomson Reuters, raised the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $906 million by offering 36.3 million shares at a price range of $24 to $26. The company had previously filed to offer 27.3 million shares at the same range. At the midpoint of the range, Tradeweb Markets will raise 33% more in proceeds than previously anticipated at a fully diluted market cap of $5.7 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, Morgan Stanley, BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 1, 2019.
